MIDLAND, Mich. (AP) -- Dow Chemical Co. on Thursday reported a 3 percent drop in first-quarter profit because of higher feedstock and energy costs, but still managed to top Wall Street's expectations.
The chemical giant said earnings slipped to $941 million, or 99 cents per share, in the January-March period from $973 million, or $1 per share, a year ago.
A $2.2 billion increase in feedstock, or raw materials, and energy costs hurt quarterly results, the company said.
Midland-based Dow reported that revenue grew 19 percent to $14.82 billion from $12.43 billion.
Analysts polled by Thomson Financial had forecast a profit of 94 cents per share on sales of $13.6 billion.
"Dow delivered an exceptionally good quarter in which broad-based pricing initiatives, growth in our performance businesses, especially Dow AgroSciences, and our strong international presence counterbalanced ongoing weakness in the United States, and an unprecedented increase in purchased feedstock and energy costs," said Andrew N. Liveris, chairman and chief executive.
The company's joint ventures also performed well, he said.
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