Dow Chemical 1st quarter earnings grow 34 percent

NEW YORK (AP) -- The Dow Chemical Co. said Thursday its first-quarter earnings increased 34 percent, driven by growth in its health and agricultural sciences business. It also said it's confident that the economic recovery will continue to gain momentum in the U.S., Europe and other developed markets despite still-high unemployment and continuing debt issues. The Midland, Mich., company reported net income of $625 million, or 54 cents per share, for the three-month period ended March 31. That compares with $466 million, or 41 cents per share, for the same part of 2010. Adjusted to exclude certain one-time items including extinguishment of debt and costs related to the Rohm and Hass acquisition, earnings in the most recent quarter were 82 cents per share. Revenue increased 10 percent to $14.73 billion. Analysts expected quarterly earnings of 67 cents per share on sales of $13.95 billion, according to FactSet. Overall sales volume rose 8 percent in the quarter, with gains across the board in all operating segments and locations where Dow does business. Prices rose 12 percent, offsetting higher energy costs. Health and Agricultural sciences unit sales grew the most at 14 percent. That segment makes everything from film for packaging to water treatment products. The largest gains in the world were in Europe, Middle East, and Africa. They grew by 15 percent. All operating segments reported double-digit price increases, except electronic and specialty materials and health and agricultural sciences, which each rose 3 percent. Published: Fri, Apr 29, 2011