MIDLAND, Mich. — Dow Chemical Co. said Thursday its first-quarter net income rose 33 percent, beating Wall Street predictions.

The company said it continues to focus on boosting profitability by cutting costs and paying down debt as it deals with tough market conditions.

After the payment of preferred dividends, the Midland, Mich.-based company earned $550 million, or 46 cents per share, up from $412 million, or 35 cents per share, in the same quarter last year.

Excluding restructuring, debt and other one-time charges, Dow said it posted an adjusted profit of 69 cents per share.

Analysts surveyed by FactSet, on average, expected earnings of 61 cents per share.