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.
