Dow Chemical's 1Q profit drops 34 percent |
| The Associated Press - Apr 26, 2012 |
Dow Chemical's winter doldrums have given way to some spring optimism.
The chemical manufacturing giant said volumes improved in every sector and most geographic regions in March, as customers began rebuilding inventories from last year's low levels. That helped offset sluggish sales in January and February.
The company's net income dropped 34 percent in the first three months of the year in part because of a $357 million pre-tax charge related to plant closures that occurred as a result of weak business conditions in Europe.
For the first quarter, Dow Chemical reported net income of $412 million, or 35 cents per share. That compared with $625 million, or 54 cents per share, during the year-ago quarter. Net income in both quarters included $85 million in preferred stock dividends. Revenue was flat at $14.7 billion.
Excluding restructuring costs related to the plant closures and other one-time items, Dow said it earned 61 cents per share.
Read Full Article from The Associated Press
- Posted: 2012-04-26 11:43:32
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