Dow 4Q adjusted profit tops estimates
Midland — Dow Chemical’s fourth-quarter profit declined, pulled down by some charges.
Its adjusted profit easily topped analysts’ expectations, however, and its stock climbed nearly 4 percent in Thursday premarket trading.
For the three months ended Dec. 31, Dow Chemical Co. earned $734 million, or 63 cents per share. That compares with $963 million, or 79 cents per share, a year ago.
The current quarter included a $50 million asset impairment charge and a $78 million asbestos-related charge.
Stripping out these charges and other items, earnings were 85 cents per share.
Analysts surveyed by FactSet predicted earnings of 69 cents per share.
Revenue was basically flat at $14.38 billion. Wall Street was calling for $14.48 billion.
Full-year earnings fell to $3.43 billion, or $2.87 per share, from $4.44 billion, or $3.68 per share.
Adjusted profit was $3.11 per share.
Annual revenue rose to $58.17 billion from $57.08 billion.
Shares of Dow Chemical added $1.67, or 3.9 percent, to $44.70 before the market open.
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