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News > Companies
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Dow Chemical posts loss
graphic January 31, 2002: 6:43 a.m. ET

Chemical maker misses forecast of modest profit due to weak demand.
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NEW YORK (CNN/Money) - Dow Chemical Co. reported a fourth-quarter operating loss Thursday, rather than the modest profit Wall Street had expected, as it cut prices due to weak demand for its products.

Including one-time items, Dow posted a net loss of $37 million, or 4 cents a share, compared with earnings of $149 million, or 16 cents a share, in the fourth quarter of 2000.

The Midland, Mich.-based chemical manufacturer reported a loss of 1 cent a share before unusual items, compared with earnings of 18 cents a share, a year earlier. Analysts surveyed by the research firm First Call expected income of 5 cents a share.

Sales declined 12 percent to $6.34 billion.

The company said it was forced to cut prices as businesses slowed operations in order to adjust their inventories. The price decline was only partially offset by drops in feedstock and energy costs.

Dow Chemical (DOW: Research, Estimates) shares rose 39 cents to $28.44 Wednesday. graphic




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