Higher Selling Prices and Volumes Lift Commodity Profits

Strong volumes lifted fourth-quarter 2010 earnings at most commodity and basic chemical companies. Dow Chemical’s net income before special items more than doubled, to $625 million (47 cts/share), on sales up 22%, to $13.8 billion. The consensus of analysts’ estimates was 35 cts/share, as reported by Thomson One (New York). Improved volumes and selling prices, as well as higher earnings from joint ventures, drove growth. Volumes rose 12%, and selling prices increased 10%, offsetting a $685-million increase in purchased feedstock and energy costs, Dow says...

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