UPDATE 1-Dow Chemical profit beats as sales rise across businesses

(Adds details from statement, estimates)

July 23 (Reuters) - Dow Chemical Co reported a better-than-expected quarterly profit as sales rose across its businesses and margins improved due to higher prices and a tight control on costs.

Margins improved in four of Dow's six units. The exceptions were the agriculture business and the feedstocks and energy division.

The company, which makes everything from insecticides to plastics, has said it may look at restructuring the feedstocks and energy unit.

Activist investor Daniel Loeb has urged Dow to separate its commoditized raw materials businesses from its specialty chemicals operations - demands that Dow has repeatedly rejected.

Dow has said that its raw materials units help to keep costs down in its high-growth specialty chemicals businesses.

"We are focused on driving portfolio improvements - monetizing non-strategic businesses and releasing additional value from our assets and joint ventures," Chief Executive Andrew Liveris said in a statement on Wednesday.

Dow shares were up 2 percent at $53.36 premarket.

The company plans to raise as much as $6 billion from non-core asset sales by the end of 2015 and has put its epoxy business and some chlorine and derivatives assets up for sale.

It is also looking to shed non-core businesses in its functional materials and performance materials units.

Rival DuPont and a number of other chemical makers are facing increasing investor pressure to divest volatile businesses and return more to shareholders.

DuPont said earlier this year it would buy back $5 billion in stock, while Dow has a $4.5 billion share repurchase program.

Dow Chemical's net income available for common stockholders fell 62 percent to $882 million, or 73 cents per share.

The year-earlier quarter included a gain of $2.2 billion paid by Kuwait's state chemical company as damages for pulling out of a petrochemical venture in 2008.

Adjusted profit was 74 cents per share, beating the average analyst estimate of 72 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 2 percent to $14.92 billion, slightly above the average analyst estimate of $14.82 billion.

(Reporting by Swetha Gopinath in Bangalore; Editing by Maju Samuel and Saumyadeb Chakrabarty)