DowDuPont tops Wall Street expectations as sales surge
New York – DowDuPont Inc. reported a hefty fourth-quarter loss on restructuring and other costs, but beat Wall Street expectations as sales rose worldwide.
The Midland-based company reported a loss of $1.26 billion, or 54 cents per share. But adjusted to exclude non-recurring costs and amortization costs, earnings came to 83 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.
The specialty chemicals maker said revenue jumped 54 percent to $20.07 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $19.37 billion.
For the year, the company reported profit of $1.46 billion, or 91 cents per share. Revenue was reported as $62.48 billion.
DowDuPont shares have risen 6 percent since the beginning of the year. The stock has risen 27 percent in the last 12 months.
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