Dow Chemical tops 1Q profit forecasts
Midland — Dow Chemical Co. on Thursday reported first-quarter profit of $1.48 billion.
On a per-share basis, the Midland, Michigan-based company said it had profit of $1.18. Earnings, adjusted for non-recurring gains, were 84 cents per share.
The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The specialty chemicals maker posted revenue of $12.37 billion in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $13.02 billion.
Dow Chemical shares have risen roughly 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 2 percent. The stock has risen 2 percent in the last 12 months.
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