Dow Chemical narrowly missed Wall Street's quarterly profit expectations as cost increases dented demand in Europe and North America.

For the third quarter, the largest U.S. chemical maker reported net income on Thursday of $815 million, or 69 cents per share, compared with $512 million, or 45 cents per share, in the year-ago period.

Excluding one-time items, Dow earned 62 cents per share.

By that measure, analysts expected earnings of 63 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 17 percent to $15.11 billion. Analysts expected $14.63 billion.

The company raised prices by 17 percent across the globe.

(Reporting by Ernest Scheyder; Editing by Derek Caney)