MIDLAND, Mich. –
Dow Chemical Co. said its first-quarter net income rose 33 percent. ,he Midland, Mich.-based company earned $550 million, or 46 cents per share, up from $412 million, or 35 cents per share, in the same quarter last year. Excluding restructuring, debt and other one-time charges, Dow said it posted an adjusted profit of 69 cents per share.Revenue fell 2 percent to $14.38 billion from $14.72 billion. Agricultural sciences sales increased 14 percent to $2.1 billion, but feedstocks and energy sales fell 13 percent to $2.6 billion, largely as a result of lower European demand.
Analysts expected $14.84 billion in revenue.
Dow said sales volumes fell 3 percent during the quarter, with European volumes dropping 12 percent and North American volumes flat. Volumes in emerging markets increased 2 percent, led by a 6 percent increase in Latin American volumes. Overall prices rose 1 percent.
The company added that it worked to reduce debt during the quarter and cut its interest expense by 10 percent to $296 million