Dow posts $412m Q1 profit, beats Street
New York, April 26, 2012
Dow Chemical Company posted net income of $412 million for the first quarter of the year, or 35 cents per share, compared with $625 million, or 54 cents per share, in the year-ago period, beating Wall Street forecasts.
Solid sales of herbicides and other agricultural products helped Dow Chemical’s first-quarter profit beat the stock market expectations, offsetting weak demand for electronic parts and specialty plastics.
Sales missed the Street's expectations, though, pushing shares down 2.3 percent to $35.25 in premarket trading.
The largest U.S. chemical maker by sales said the U.S. economy was improving, helped by shale-derived natural gas, and China would continue to be an attractive growth market.
But the company said parts of Europe would remain in 'recessionary conditions.'
By that measure, analysts had expected earnings of 59 cents per share, according to Thomson Reuters I/B/E/S.
Excluding restructuring charges and other one-time items, the company earned 61 cents a share.
Revenue fell less than 1 percent to $14.72 billion. Analysts had projected revenue of $15.01 billion.
The company left the first quarter with 'momentum' and was focused on developing new products, chief executive Andrew Liveris said in a statement. – Reuters