Dow's Profits Fall on Charges

Dow Chemical’s third-quarter net income fell 21%, to $403 million (42 cts/share) including a $362-million in charges resulting from a change in German tax law and purchased in-process R&D. Earnings were 84 cts/share excluding the charges. The consensus of analysts’ estimates as reported by First Call (Boston) was for 90 cts/share. Sales rose 10%, to $13.6 billion. Total volume improved 5%. Demand grew 7% in Europe and Asia Pacific, and 9% in Latin America, Dow says. North American demand rose despite continued weakness in the U.S. housing and...

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