Business

The Dow fluctuates towards profits, and profits exceed expectations as prices rise

Dow Jones Industrial Average.
Dow,
+ 1.89%

Thursday’s pre-market trading rose 0.5% after chemicals shook profits in the second quarter and reported higher-than-expected earnings, boosted by sharp rises in local prices amid rising demand. Net earnings were $ 1.93 billion ($ 2.51 per share) after a loss of $ 217 million (31 cents per share) in the year-ago quarter. Excluding non-recurring items, operating income per share was $ 2.72, above FactSet’s consensus of $ 2.47. Sales were up 66.2% to $ 13.89 billion, above FactSet’s consensus of $ 13.13 billion, as all three business segments exceeded forecasts. Local prices rose 70% for packaging and specialty plastics, 53% for industrial intermediates and infrastructure, and 16% for high-performance materials and coatings. Jim Fitterling, CEO, said: “In the future, we expect profit momentum from further improvements in consumer spending, international travel and industrial production.” The Dow Jones Industrial Average rose 7.6% year-to-date until Wednesday.
DJIA,
+ 0.83%

It is 13.7% ahead.

The Dow fluctuates towards profits, and profits exceed expectations as prices rise

Source link The Dow fluctuates towards profits, and profits exceed expectations as prices rise

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