Dow’s Fourth-Quarter Net Income Falls

Dow Chemical reported fourth-quarter net income down 16%, to $806 million (84 cts/share), on sales up 16%, to $14.2 billion. Dow beat First Call’s (Boston) estimate of 80 cts/share helped by a better tax rate. Earnings exclude $334 million in special items resulting from restructuring activities, purchased in-process research and development related to recent acquisitions, and a reduction in the provision for income taxes related the legal ownership structure of EQUATE. Net income fell 52%, to $472 million (49 cts/share) including those items. Dow’s feedstock...

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