Dow Chemical Co. says consumers across much of the globe are starting to spend more on furniture, electronics and appliances. Even the housing market is looking better to the nation’s largest chemical manufacturer, The Associated Press reports.
Dow said Wednesday the improving demand signals a stronger economy, although it remains concerned about high unemployment, potential inflation in some regions and debt problems in European countries.
“The overall global economic environment is on stronger footing, with the highlight being significant demand growth in Europe and North America,” Dow Chairman and CEO Andrew N. Liveris told analysts on a conference call.
Noting recent, healthier reports of new home sales and orders for most durable goods, he said, “Strength in all of these sectors illustrates that the consumer is finally returning.”
The Midland, Mich., company has a broad reach, from agricultural seeds to ingredients for cosmetics, electronics components, automobile paint and food additives.
Dow said stronger demand and price increases across most of its businesses bolstered its first-quarter results. Net income rose to $466 million, or 41 cents a share, after paying preferred dividends, A year ago, it earned just $24 million, or 3 cents a share.
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