Dow Chemical profit plunges on legal charge

Thu Apr 28, 2016 6:45am EDT
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April 28 (Reuters) - Dow Chemical Co reported an 87.9 percent fall in quarterly profit, mainly due to a charge related to the settlement of a class action suit.

The net income available to the company's common shareholders fell to $169 million, or 15 cents per share, in the first quarter ended March 31, from $1.39 billion, or $1.18 per share, a year earlier.

Excluding items, net income rose nearly 2 percent to $993 million.

Net sales fell 13.5 percent to $10.70 billion.

Dow and DuPont agreed to merge in an all-stock deal in December in a first step toward breaking up into three separate businesses focused on agriculture, material science and specialty products. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Maju Samuel)