MIDLAND (dpa-AFX) - Dow Inc. (DOW) posted a fourth quarter GAAP net loss of $35 million, or $0.08 per share, including significant items totaling $0.08, primarily from restructuring and efficiency costs. This is compared to a loss of $95 million or $0.15 per share, prior year. Operating earnings per share was $0.00, for the quarter. The company noted that both its earnings per share and operating earnings per share include higher-than-expected non-cash tax adjustments of $0.27, primarily related to Argentina, amplified by inflation. Analysts on average expected the company to report profit per share of $0.24, for the quarter. Analysts' estimates typically exclude special items. Operating EBIT was $454 million compared to $559 million, prior year.
Fourth quarter net sales were $10.4 billion, down 2% year-over-year, reflecting declines in Packaging & Specialty Plastics. Volume increased 1% compared to the year-ago period, with gains in most regions. Analysts on average had estimated $10.53 billion in revenue.
'In December, we signed a definitive agreement for the sale of a minority stake in select U.S. Gulf Coast infrastructure assets for expected cash proceeds of up to approximately $3 billion. The partnership represents a new business model designed to drive operational efficiencies and growth with new customers, while providing near-term financial flexibility. We also announced a strategic review of select European assets, and today we are announcing additional actions to deliver $1 billion of targeted cost reductions,' said Jim Fitterling, CEO.
Shares of Dow are up 1% in pre-market trade on Thursday.
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