(Dow) Chemical maker Dow Inc. net income was $1.57 billion or $2.11 per share in the first quarter of 2022, up from $991 million or $1.32 per share in the prior year.
The company said that it posted gains in all its operating segments, regions, and businesses, pushing its net sales to $15.3 billion in the quarter, up 28% from the prior year.
Dow’s equity earnings dropped by $50 million to $174 million in the first quarter, which the company attributed to a lower supply availability from planned maintenance at Sadara.
The company said that its returns to shareholders in the first quarter totaled $1.1 billion, consisting of $513 million in dividends and $600 million in share buyback.
Dow says it sees strong demand in its end-markets. The company also said it was well-positioned to hit mid-cycle earnings that top pre-pandemic levels, capitalizing on the rising demand for sustainable, low-carbon, and circular innovations.
Dow also announced a new alkoxylation capacity in its US and Europe markets to help deliver a 10% to 15% annual growth rate.
DOW: NYSE is up +5.67%.
