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30 January
Dow Q4 Operating EBIT Declines

(RTTNews) - Dow (DOW) posted a fourth quarter GAAP net loss of $35 million, or $0.08 per share, including significant items totaling $0.08, primarily from restructuring and efficiency costs. This is compared to a loss of $95 million or $0.15 per share, prior year. Operating earnings per share was $0.00, for the quarter. The company noted that both its earnings per share and operating earnings per share include higher-than-expected non-cash tax adjustments of $0.27, primarily related to Argentina, amplified by inflation. Analysts on average expected the company to report profit per share of $0.24, for the quarter. Analysts' estimates typically exclude special items. Operating EBIT was $454 million compared to $559 million, prior year.

Fourth quarter net sales were $10.4 billion, down 2% year-over-year, reflecting declines in Packaging & Specialty Plastics. Volume increased 1% compared to the year-ago period, with gains in most regions. Analysts on average had estimated $10.53 billion in revenue.

"In December, we signed a definitive agreement for the sale of a minority stake in select U.S. Gulf Coast infrastructure assets for expected cash proceeds of up to approximately $3 billion. The partnership represents a new business model designed to drive operational efficiencies and growth with new customers, while providing near-term financial flexibility. We also announced a strategic review of select European assets, and today we are announcing additional actions to deliver $1 billion of targeted cost reductions," said Jim Fitterling, CEO.

Shares of Dow are up 1% in pre-market trade on Thursday.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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