MIDLAND, MI - The Dow Chemical Co. achieved sales of $13.8 billion in the fourth quarter of 2010, a 22 percent increase compared with the same period last year. Top-line growth was driven by a 12 percent increase in volume and a 10 percent increase in price. All operating segments reported double-digit sales gains except Coatings and Infrastructure, which rose six percent. Double-digit sales increases were also reported in all geographic areas, with the largest gain in North America (25 percent).
At a company level, volume grew 12 percent, with gains reported in all operating segments except Coatings and Infrastructure (down one percent) and Chemicals and Energy (down three percent). Volume for the combined Performance segments rose 11 percent versus the year-ago period, driven by gains in Health and Agricultural Sciences and Electronic and Specialty Materials.
On a geographic basis, double-digit volume growth was reported in all geographic areas except Asia Pacific, which was up nine percent. Growth in the emerging geographies continued to be robust, particularly for the Performance segments, which reported a combined 13 percent increase in volume. Volume growth also continued to be notable in Latin America and Eastern Europe, both of which reported double-digit increases.
For the full-year 2010, Dow reported sales of $53.7 billion. Excluding the impact of divestitures, sales rose 26 percent versus the prior year, with double-digit gains in all operating segments except Health and Agricultural Sciences, which rose seven percent. Sales increased more than 20 percent in each of the geographic areas. Sales in the emerging geographies surpassed $16 billion in the year, setting an all-time record for the company. Additionally, sales in Asia Pacific topped $9 billion in the year, also representing an all-time record.
At the company level, volume rose 12 percent, with double-digit growth reported in all geographic areas except Latin America, which was up eight percent. All Performance operating segments reported double-digit volume growth except Coatings and Infrastructure, which reported an increase of four percent due to continued weakness in the construction industry.
Price rose 14 percent at the company level, with broad-based gains in all geographic areas, led by North America (16 percent) and EMEA (15 percent). All operating segments reported year-over-year price improvements except for Health and Agricultural Sciences (down four percent) and Electronic and Specialty Materials, which was flat. Price increases more than offset a $5 billion increase in purchased feedstock and energy costs. Gains were most notable in the Basics segments, which collectively reported a year-over-year increase of 29 percent.
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