MIDLAND, Mich. (AP) — Dow Chemical Co.'s third-quarter net income jumped nearly 20 percent, helped in part by gains from a joint venture in Kuwait that partly offset a decline in several businesses, including its epoxy unit. The Midland, Mich., company also said it aims to generate $3 billion to $4 billion by selling off more assets.
The results missed Wall Street expectations and shares were sliding Thursday before markets opened.
The company earned $594 million, or 49 cents per share, in the three months that ended Sept. 30. That compares with net income of $497 million, or 42 cents per share, in the 2012 third quarter.
Adjusted earnings totaled 50 cents per share, which fell sort of average analyst expectations of 54 cents per share.
Revenue inched up about 1 percent to $13.73 billion.
Analysts expected $14.02 billion, according to FactSet.
Dow said its earnings from investments in other companies climbed to $322 million in the quarter, an 84 percent increase from $175 million last year, mainly due to its joint venture in Kuwait. The company also helped its bottom line by cutting research and development and selling, general and administrative expenses by more than 3 percent and 5 percent respectively.
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