Dow Chemical Profit, Revenue Spike

Dow Chemical posted a better-than-expected first-quarter profit on Wednesday as pricing, volume and sales spiked.

Net income rose to $466 million, or 41 cents per share, from $24 million, or 3 cents per share, a year earlier.

Excluding costs related to the 2009 acquisition of rival Rohm & Haas and restructuring, Dow earned 43 cents per share. By that measure, analysts expected earnings of 30 cents, according to Thomson Reuters I/B/E/S. Revenue rose 48.4% to $13.42 billion. Analysts expected $12.93 billion. Midland, Mich.-based Dow bought rival Rohm & Haas last April in a deal that sharply leveraged its balance sheet. Since then, the company has been selling off assets to repay the loan.

Dow peer DuPont said on Tuesday that first-quarter profit more than doubled.