(Reuters) -Chemical firm Dow mentioned on Thursday it has begun a evaluation of a few of its European property whilst its third-quarter revenue beat estimates on greater demand within the U.S. and Canada for industrial gadgets resembling polyethylene utilized in packaging.
Dow mentioned the evaluation was necessitated by a scarcity of demand restoration and aggressive regulatory insurance policies. Its shares rose 1.5% to $52.27 in premarket buying and selling.
The corporate’s asset evaluation might be primarily centered on these in its Polyurethanes enterprise, CEO Jim Fitterling mentioned. Dow goals to finish the evaluation by mid-2025.
“The tempo of the worldwide macroeconomic restoration has been slower than anticipated…,” he mentioned. “We’re innovating with our clients, which was evident within the quarter as we captured rising demand in packaging, electronics and residential & private care.”
Quarterly internet gross sales from its packaging and specialty plastics section, its largest by income, rose 1.1% to $5.52 billion from a yr in the past led by greater polyethylene gross sales for industrial, client, and versatile meals packaging.
Dow’s adjusted revenue of 47 cents per share exceeded market expectations by a cent, in line with knowledge compiled by LSEG.