Midland — Dow Chemical’s first-quarter profit slid mostly due a hefty charge tied to legal settlements, but the specialty chemicals maker’s adjusted results topped analysts’ estimates.

For the three months ended March 31, Dow Chemical Co. said that earnings available for common shareholders were $169 million, or 15 cents per share. A year earlier the Midland, Michigan-based company earned $1.39 billion, or $1.18 per share.

The current quarter included a charge of 70 cents per share for urethane matters legal settlements and a 4 cents per share charge for costs related to portfolio and productivity actions.

Stripping out these items, earnings were 89 cents per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

Revenue declined to $10.7 billion from $12.37 billion, but still beat the $10.48 billion that analysts surveyed by Zacks forecast.

The company’s stock rose 30 cents to $53.po in premarket trading shortly before the market open.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Read or Share this story: