Dow (NYSE:DOW) on Thursday announced a net loss of $307 million for the first quarter, resulting in a loss of 44 cents per share.
However, the materials science giant reported adjusted earnings of 2 cents per share, excluding restructuring and non-recurring costs, surpassing the average estimate of seven analysts surveyed by Zacks Investment Research, who anticipated a loss of 2 cents per share.
The company also reported first-quarter revenue of $10.43 billion, exceeding Street forecasts.
Six analysts surveyed by Zacks had expected revenue of $10.27 billion.
Elsewhere, volume saw a 2% increase compared to the same period last year, with growth observed in all regions except Latin America.
Sequentially, volume rose by 2%, with gains across all operating segments.
While local price experienced a 3% decline year-over-year, reflecting decreases in all operating segments, cash provided by operating activities from continuing operations was $104 million, a decrease of $356 million from the prior year.
The company attributed this primarily to earnings pressure stemming from continued soft global industry demand.
Meanwhile, Dow returned $494 million to shareholders through dividends during the quarter.