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Dow Chemical profit up 74%

Dow Chemical Co's (DOW-N) quarterly profit rose about 74 percent Wednesday as it offset a $1.5 billion US jump in raw material costs with price hikes around the globe.

"We see growth continuing to gain traction in developed markets, albeit at a somewhat uneven and jagged pace given persistently high unemployment in the United States and sovereign debt concerns in Europe," Dow Chief Executive Andrew Liveris said in a statement.

The largest U.S.-based chemical maker reported net income of $982 million, or 84 cents per share, compared with $566 million, or 50 cents per share, a year earlier.

Excluding a debt repayment charge, Dow earned 85 cents per share.

By that measure, analysts expected earnings of 81 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 18 percent to $16.05 billion. Analysts expected $14.74 billion.

The price Dow pays for feedstocks and energy, including the essential chemical propylene, jumped $1.5 billion over the year-ago period.

The company raised its prices 19 percent across the board to offset that jump. Despite the price increase, volume, or the physical amount of product sold, rose 9 percent.

The Midland, Michigan-based company's debt fell 10 percent to $18.51 billion. CTV Two CTV News CTV News Channel BNN - Business News Network CP24