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Shares of
Dow Chemical Company rose 2.8% in pre-market trading after the company reported better-than-expected beat profit for the fourth quarter.
The Midland, Michigan-based company posted quarterly adjusted earnings of $992 million, or $0.85 per share, compared to $793 million, or $0.65 per share, in the year-ago quarter.
Its revenue came in mostly flat at $14.38 billion. However, analysts were expecting earnings of $0.70 per share on revenue of $14.48 billion.
Agricultural Sciences segment sales rose 5% to $1.9 billion, while sales for Consumer Solutions segment came in flat at $1.1 billion. Infrastructure Solutions sales fell 4% to $2 billion, while Performance Materials & Chemicals sales gained 5% to $3.9 billion. Performance Plastics sales slipped 3% to $5.5 billion in the quarter.
EBITDA climbed 15% on an adjusted basis to $2.4 billion in the quarter.
Dow returned $1.6 billion to shareholders in the quarter through declared dividends and repurchases. This quarter, Dow Chemical announced a 14% rise in dividend and increased its share buyback program by an additional $5 billion.
Andrew N. Liveris, Dow's chairman and chief executive officer, said, “Dow achieved a record end to a strong year, with another quarter of year-over-year operating EPS, EBITDA and EBITDA margin growth. This is nine quarters in a row of these metrics increasing year over year. Our operating model of integration with geographic and market diversification showed its superiority during volatile commodity environments, as evidenced by demand growth in most segments. Our strategic decisions continued to drive long-term value across Dow's integrated, diversified portfolio, while our self-help and productivity measures are firmly delivering cash and lowering costs.”
Dow Chemical shares gained 2.84% to $44.25 in pre-market trading.
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