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news.Dow has reported a net income from continuing operations of $178m for the fourth quarter of 2009, compared to the net loss from continuing operations of $1.55 billion in the fourth quarter of 2008.
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Reported sales in the quarter increased 15% to $12.5 billion, compared to reported sales in the same period last year. EBITDA on a pro forma basis, excluding certain items, increased $809m versus the same quarter last year, with the combined performance segments up more than 85%.
Andrew Liveris, chairman and chief executive officer of Dow, said: “Dow delivered significantly better year-over-year revenue and earnings in the fourth quarter driven largely by volume gains across virtually all operating segments and improved equity earnings. Emerging geographies were a major factor in our results for the quarter, with volume up an impressive 33 %, truly reflecting the strength of our broad geographic footprint.
“Quarterly equity earnings returned to a level not seen since before the economic downturn, further demonstrating the strategic importance of our joint ventures. We achieved all of this while furthering our growth strategy and by maintaining our focus on financial discipline. This allowed us to grow revenues, volume, and earnings while increasing our R&D investments yet still achieving reductions in structural costs.”
Dow also reported full-year earnings of $0.32 per share, or $0.63 per share excluding certain items and discontinued operations. Reported earnings for 2008 were $0.62 per share, or $1.79 per share excluding certain items and discontinued operations. The company has also reported sequential sales improvements throughout the year.
Mr. Liveris added: “We see demand in emerging geographies continuing to show sustained growth, which bodes well for global growth. Growth will continue to lag in the US and Europe, however, as high unemployment persists and questions about the sustainability of government stimulus spending remain. Dow’s ongoing financial discipline, transformed portfolio and strong presence in emerging geographies position us well to benefit from an economic recovery. Throughout 2009, this approach delivered sequential revenue growth which accelerated during the fourth quarter.
“This operating discipline has served us well last year, and will continue throughout 2010. This, coupled with our broad geographic footprint, larger portfolio of specialty businesses, invigorated innovation engine and world-class plastics franchise, will drive earnings growth into the future.”