Dow Chemical Q1 Net Sales Up

Dow Chemical has posted a net income of $552m for the first quarter 2010, or $0.41 per diluted share, compared to $35m, or $0.03 per diluted share, for the comparable period in 2009.

Sales in performance systems were $1.7bn, up 30% compared with sales of $1.3bn in the same quarter last year.

EBITDA excluding certain items was $1.8bn, up $877m versus the same quarter last year on a pro forma basis, and up $356m versus last quarter. EBITDA in the combined performance segments was up more than 60% versus the year-ago period.

Andrew Liveris, chairman and CEO of Dow Chemical, said: “The earnings power of Dow’s new portfolio was evident this quarter with our robust sales growth driven by significant volume and price increases in all geographic areas, with notable improvements in North America and Europe.

“We have made steady progress quarter after quarter, and I am pleased that this quarter was yet another example of that plan in full motion. We remain focused on delivering our commitments. This means maintaining operational and financial discipline, further strengthening our balance sheet and investing for growth.

“Our actions to deliver a new portfolio with a lean cost structure and reinvigorated innovation engine, coupled with our strong presence in emerging geographies, leave Dow poised to deliver continued earnings growth.”