Thursday, April 26, 2012

Dow Chemical's 1Q profit drops 34 percent


This 2007 file photo shows an entrance to Dow Chemical Co. in Midland, Mich. Dow Chemical said Thursday that its first-quarter earnings fell 50 percent after it took a pre-tax charge of $357 million to close some of its plants. Excluding restructuring costs related to the plant closures and other special items, Dow said it earned 61 cents per share. Revenue was flat at $14.7 billion.
The Dow Chemical Co. said Thursday that its first-quarter earnings fell 34 percent after it took a pre-tax charge of $357 million to close some plants. The largest U.S. chemical maker reported income of $412 million, or 35 cents per share, from January to March. That compared with $625 million, or 54 cents per share, for the same quarter in 2011. Net income in both quarters included $85 million in preferred stock dividends. Excluding restructuring costs related to the plant closures and other special items, Dow said it earned 61 cents per share. Revenue was flat at $14.7 billion.

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