Divestitures drive Dow Chemical (Dealscape

Dow Chemical Co. reported third-quarter results Thursday that showed both the continuing impact of the recession and the company's progress in reducing the heavy debt load it took on to close its purchase of Rohm and Haas Co.

Midland, Mich.-based Dow recorded a third-quarter profit that was up 86%, thanks partly to divestiture gains. Net income was $796 million, or 63 cents a share, compared with $428 million in the year-earlier period. Profit excluding one-time items was 24 cents per share, easily beating the First Call consensus estimate of 10 cents. But Dow said revenue was down and warned that it does not expect significant improvement for some time. Sales fell 22% during the quarter, compared with the same three months of last year to $12 billion, and were off 32%, compared with pro forma results from a year earlier that include Rohm.

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NOT A SUBSCRIBER? Divestitures drive Dow Chemical Posted on October 23, 2009 3:30 AM Dow Chemical Co. reported third-quarter results Thursday that showed both the continuing impact of the recession and the company's progress in reducing the heavy debt load it took on to close its purchase of Rohm and Haas Co. Midland, Mich.-based Dow recorded a third-quarter profit that was up 86%, thanks partly to divestiture gains. Net income was $796 million, or 63 cents a share, compared with $428 million in the year-earlier period. Profit excluding one-time items was 24 cents per share, easily beating the First Call consensus estimate of 10 cents. But Dow said revenue was down and warned that it does not expect significant improvement for some time. Sales fell 22% during the quarter, compared with the same three months of last year to $12 billion, and were off 32%, compared with pro forma results from a year earlier that include Rohm. This is a free content preview. Subscribers enjoy access to all stories in full as well as second-to-none market intelligence. Dig deeper, with Pipeline. 180 articles related to Rohm and Haas Co. 70 in-depth reports of M&A deals in the Chemicals sector 69 in-depth transaction records for Dow Chemical 53 articles related to Andrew Liveris 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Deutsche Bank Birds Eye Cadbury AG Agrium Inc. Skadden Arps Revolution Money Tandberg ASA Aisling Capital Ken Lewis Natco		EXISTING USERS Username Password Forget your password? Missing a product?

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