Dow Chemical’s net income fell to $1.68 billion from $1.93 billion a year earlier, and earnings per share fell to $2.26 from $2.51
Dollar. During the same period, the company’s domestic market product prices rose 16%, and all market segments, business units and regions increased product prices.

Operating profit per share was $2.31, beating the consensus estimate of $2.14. Sales revenue rose 12.8% year-on-year to $15.66 billion, beating market expectations of $15.55 billion. Strong growth in its Packaging and Specialty Plastics business offset weaker-than-expected results in its Industrial Intermediates, Infrastructure, Performance Materials and Coatings business units.

Cost of sales increased by 20.1%, outpacing the growth rate of sales revenue. Gross profit margin dropped from 22.65% to 17.65%.