The Dow Chemical Company (DOW) reported that its first-quarter net income to stockholders rose to $550 million or $0.46 per share, from $412 million or $0.35 per share last year. Net income to stockholders excluding certain items was $819 million or $0.69 per share, compared to $714 million or $0.61 per share last year.
Sales were $14.38 billion, down 2 percent from $14.72 billion last year, but were flat excluding the impact of the company's Feedstocks and Energy operating segment. Agricultural Sciences sales rose 14 percent, surpassing $2 billion, due to accelerated new product sales, the company said.
Research and Development expenses were up 7 percent from last year, reflecting continued investments in Dow's technology-driven segments, particularly Agricultural Sciences. Selling, General and Administrative expenses rose 9 percent from the year-ago period, led by increased investments in Agricultural Sciences.
On average, 16 analysts polled by Thomson Reuters expected the company to report profit of $0.61 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $14.88 billion for the quarter.
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