- Posted January 31, 2014
- Tweet This | Share on Facebook
Dow Chemical swings to 4Q profit, tops forecasts
MIDLAND, Mich. (AP) -- Shares of Dow Chemical jumped 7 percent before the opening bell after the company returned to a profitable fourth quarter, increased its dividend and tripled the size of its share-repurchase plan.
The company, based in Midland, Mich., easily topped profit and revenue expectations on Wall Street.
Sales rose in nearly all it businesses, with energy being a notable exception. Dow reported double-digit sales gains in agricultural chemicals and coatings, and it raised prices for performance plastics by 7 percent, offsetting declines in other segments.
Net income was $963 million, or 79 cents per share, compared with a loss of $716 million, or 61 cents per share, a year earlier, when the company wrote down the value of a battery business as part of a restructuring plan.
Excluding a gain on the sale of a catalysts business and other items, the company would have earned 65 cents per share. Analysts expected 43 cents per share, according to a FactSet survey.
Revenue rose 3 percent to $14.39 billion, beating the $14.14 billion forecast by analysts.
Dow raised its quarterly dividend to 37 cents per share from 32 cents per share, and it increased a share-buyback authorization to $4.5 billion from $1.5 billion.
Published: Fri, Jan 31, 2014
headlines Oakland County
- Meet the Judges
- Phishing and Smishing and Skimming and Shimming: Nessel encourages public to watch out for common scams during NFL Draft
- 56 years later, bias case is closed: Hamtramck completes new housing
- Attorneys to explain new U.S. DOL rules
- Michigan employers, local partners spotlight Gov. Whitmer’s budget recommendations and benefits for Going PRO Talent Fund
headlines National
- New Legalese: You may have heard a deepfake, but what about ‘Twiqbal’?
- From Intake to Outcome: An in-house lawyer’s guide to matter management solutions
- 2 BigLaw firms in merger talks that could produce 1,600-lawyer firm with top 50 revenue
- Send in the paralegals
- Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call
- ‘I don’t play well’ judge who threatened to track down, jail misbehaving litigant gets tossed from case