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Dow Chemical profits dip
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October 25, 2001: 7:19 a.m. ET
Chemical maker sees 10% sales decline, projects 4Q income.
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NEW YORK (CNNmoney) - Dow Chemical Co. reported lower third-quarter earnings Thursday that were in line with analysts' expectations, as lower chemical prices and the weakening economy led to a 10 percent decline in sales.
The nation's No. 2 chemical manufacturer said operating earnings for the quarter declined to $385 million, or 16 cents a diluted share, from $694 million, or 40 cents a share, a year earlier. The results were in line with the consensus of analysts surveyed by the research firm First Call.
Including extraordinary items, net income at Midland, Mich.-based Dow shrank to $57 million, or 6 cents a share, from $357 million, or 40 cents a year earlier.
Sales declined to $6.73 billion from $7.45 billion.
Dow (DOW: Research, Estimates) Chief Financial Officer J. Pedro Reinhard said the weak economy could result in a decline in sales for the fourth quarter. The company projects earnings of between 10 cents and 20 cents a share; the First Call consensus is 17 cents, compared with 36 cents in the year-earlier period.
For the nine months through Sept. 30, Dow's net loss of $348 million, or 39 cents a share, contrasts with income of $1.5 billion, or $1.69 a share. Sales slipped to $21.5 billion from $22.3 billion.
Dow shares rose 19 cents to $35 Wednesday. 
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