Dow Chemical 1Q profit drops 50 pct

The Dow Chemical Co. said Thursday that its first-quarter earnings fell 34 percent after it took a pre-tax charge of $357 million to close some plants.

Dow Chemical says first quarter earnings fell 50% after it took a pre-tax charge of $357 million to close some of its plants.

By John Mylant: Dow Chemical (DOW) shot up Wednesday on a good profit report. It earned $0.61 per share, even as analysts had projected $0.59. But Thursday, the stock was back down to where it was two days ago.

BY THE NUMBERS: Dow Chemical's first-quarter net income fell 34 percent to $412 million, or 35 cents per share. The results included a $357 million after-tax charge related to plant closures. Revenue was flat at $14.7 billion.

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NEW YORK (Reuters) - Auto parts maker Johnson Controls said on Friday it would cut its work force and close 10 plants as part of a new round of restructuring, for which it will take a pre-tax charge of up to $215 million.

By David White: Three of the following four chemical companies beat earnings estimates in the most recent quarter. The fourth, Huntsman Corp. (HUN), only missed by -$0.01. The other three companies -- Eastman Chemical Co. (EMN), Olin Corp. (OLN), and DOW Chemical Co.