Thursday, January 31 2013 8:44 AM EST2013-01-31 13:44:06 GMT
Dow Chemical saw significant deterioration in key markets during the fourth quarter, particularly in China, and is posting a wider fourth-quarter loss. The company said Thursday that it lost $716More >
Dow Chemical saw significant deterioration in key markets during the fourth quarter, particularly in China, and is posting a wider fourth-quarter loss.More >
Shares of Dow Chemical jumped 7 percent before the opening bell after the company returned to a profitable fourth quarter, increased its dividend and tripled the size of its share-repurchase plan.
The company, based in Midland, Mich., easily topped profit and revenue expectations on Wall Street.
Sales rose in nearly all it businesses, with energy being a notable exception.
Net income was $963 million, or 79 cents per share, compared with a loss of $716 million, or 61 cents per share, a year earlier, when the company wrote down the value of a battery business as part of a restructuring plan.
Revenue rose 3 percent to $14.39 billion, beating the $14.14 billion forecast by analysts.
Dow raised its quarterly dividend to 37 cents per share from 32 cents per share.
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