Dow Chemical Posts Profit

Dow Chemical posted a surprise Q1 profit, helped by cost reductions, gains in its agricultural segment and lower raw material costs. The company said it had cut spending by $270 million in the quarter from a year earlier. Purchased feedstock and energy costs were down 49 %. Agricultural segment sales rose about 8 % to $1.4 billion. The company reported net income of $24 million down from $941 million a year earlier. Sales fell 39 % to $9.09 billion.