Earnings sag for Dow Chemical
Midland, Mich. - Dow Chemical saw significant deterioration in key markets during the fourth quarter, particularly in China, and posted a wider fourth-quarter loss Thursday.
The company, which has a facility in Gales Ferry, lost $716 million, or 61 cents per share, compared with a loss of $20 million, or 2 cents per share, in the same quarter the year before.
Excluding restructuring and other charges, the Midland, Mich., company earned 33 cents per share, a penny shy of Wall Street estimates.
Revenue slipped about 1 percent to $13.92 billion from $14.1 billion, as sales slipped in North America, Europe, and Asia. That was still better than most analysts had expected, according to a poll by FactSet.
"The second half of 2012 saw significant deterioration in the markets we serve, particularly in China," said Chairman and CEO Andrew Liveris. "In response, Dow identified and took aggressive action to mitigate the effects of a slow-to-no-growth global environment."
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