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Dow’s 1Q earnings take hit on polyurethanes lawsuit settlement
HOUSTON, April 28, 2016 (PCW) -– Dow Chemical on Thursday reported first-quarter net income of $169 million, compared to the nearly $1.4 billion seen in 1Q 2015. The decline was due to legal settlements over “urethane matters” and “a charge for costs associated with portfolio and productivity actions,” the company said.
In late February, Dow settled a class action suit for $835 million that alleged the company was involved in fixing polyurethane prices.
Earnings for Dow’s various segments are as follows:
Performance plastics: 1Q EBITDA of $991 million, up from $985 million the same time a year ago, due to higher demand for Dow’s transportation and infrastructure market producers, which offset softer hydrocarbons pricing.
Infrastructure solutions: EBITDA was $293 million, almost flat to $295 million seen in 1Q 2015, due to strength in construction-related markets and internal cost cutting.
Agricultural sciences: EBITDA was $403 million, down slightly from $409 million seen a year ago. “Focused productivity actions in the business mostly offset the impact of challenging market conditions and currency headwinds,” the company said.