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Dow Chemical 1Q Net Income Jumps

Wed, 04/23/2014 - 10:16am
The Associated Press

MIDLAND, Mich. (AP) — Dow Chemical said Wednesday its first-quarter net income jumped 75 percent, helped by easy comparisons to a prior-year period weighed down by hefty one-time charges.

Its earnings beat Wall Street estimates, while revenue was short. Its shares rose more than 2 percent on premarket trading.

The Midland, Mich.-based chemical company posted a profit attributable to common shareholders of $964 million, or 79 cents per share, up from $550 million, or 46 cents per share, in the same quarter of 2013.

Excluding restructuring, debt and tax-related charges, Dow's year-ago profit totaled 69 cents per share.

Revenue edged up about 1 percent to $14.46 billion from $14.38 billion.

Analysts, on average, expected a profit of 70 cents per share on $14.71 billion in revenue, according to FactSet.

Sales at the company's performance plastics division rose 3 percent to $3.6 billion, helped by higher prices. And coatings and infrastructure solutions sales rose 5 percent to $1.7 billion, helped by higher volumes.

But the company posted sales declines at its performance materials and feedstocks and energy businesses.

Dow Chemical Co. shares rose $1.06, or 2.2 percent, to $50 in premarket trading about 75 minutes ahead of the market opening.

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