Key facts
- Dow Inc. reported Q2 adjusted profit of $1.44 per share, exceeding analyst estimates of $1.28.
- Higher polyethylene prices and supply disruptions contributed to Dow's strong results.
- Freeport-McMoRan's Q2 adjusted profit was 74 cents per share, surpassing the 59-cent analyst estimate.
- Higher copper prices were a key driver for Freeport-McMoRan's second-quarter performance.
- Dow raised its savings target and expects about $200 million in additional benefits from its 'Transform to Outperform' program this year.
Dow Inc. surpassed Wall Street's second-quarter profit expectations, reporting $1.44 per share against an average analyst estimate of $1.28. The company attributed its performance to higher polyethylene prices and supply disruptions, partly influenced by Middle East conflict-related issues. Dow's packaging and specialty plastics segment saw net sales rise 27% to $6.4 billion. CEO Karen Carter expects the company to generate about $200 million in additional benefits from the 'Transform to Outperform' program this year. Meanwhile, Freeport-McMoRan, a major copper producer, also beat profit estimates, reporting 74 cents per share compared to analysts' average forecast of 59 cents, driven by higher copper prices.