Dow Chemical Posts 52 Percent Drop in 4th-Quarter Profit on Costs
GRAND RAPIDS, Mich. (AP) -- Dow Chemical Co. said Tuesday its fourth-quarter earnings fell 52 percent due to restructuring and a $1.7 billion rise in spending on materials and energy, the largest year-over-year cost increase in company history.
Net income fell to $472 million, or 49 cents per share, from $975 million, or $1 per share, in the 2006 fourth quarter. Excluding one-time restructuring charges and acquisition-related research and development costs of $334 million, the company earned 84 cents per share in the latest period, down from 98 cents a year ago.
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