Earnings Rebound at Most Basic and Diversified Firms

Basic and diversified chemical firms posted stronger-than-expected earnings in the third quarter, even as sales fell sharply. Cost-cutting actions, as well as lower raw material costs, provided some lift to earnings. Liveris: ‘Pockets of volume growth.’ Dow Chemical reported net income up 45%, to $799 million (63 cts/share), including gains from divestments and losses associated with acquisitions and the extinguishment of debt. Earnings were 24 cts/share excluding those items. The consensus of analysts’ estimates was for 10 cts/share, as...

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