Dow Chemical has released its quarterly earning’s report and profited surged 51.4 percent, partly due to higher margins as raw material costs fell.
The company’s net income increased to $1.29 billion, or $1.09 per share in the third quarter ended September 30.
That’s an increase from 71 centers per share and $852 million during the same period one year earlier.
Revenue, however, fell 16 percent to $12.04 billion.
Chairman and Chief Executive Officer Andrew Liveris completed the sale of the company’s chlorine business on October 5, a move that will allow Dow Chemical to focus on more-profitable businesses such as plastic packaging, seeds and pesticides.
Margins from polyethylene and other plastics that comprise Dow’s largest business expanded as European factories benefited from lower prices for naphtha refined from crude oil.
Dow is focusing on new projects currently being constructed in in Saudi Arabia and the U.S. to boost earnings in the near future.