Dow Chemical posts loss on charge

Andrew Liveris, Dow Chemical's chairman and chief executive officer, speaks at News Corp.'s Global Energy Initiative on Wednesday, May 9, 2007 in New York. (AP Photo/Mark Lennihan)
AP

NEW YORK - Dow Chemical (DOW) says it posted a loss in the fourth-quarter because of a one-time charge that caused it to pay higher taxes at its Brazilian operations.

The Midland, Mich. company on Thursday reported a loss of $20 million, or 2 cents per share, compared with a year-ago profit of $426 million, or 37 cents per share. Excluding a charge of 27 cents per share, Dow would have earned 25 cents per share in the quarter.

Revenue rose 2 percent to $14.1 billion.

Results were below Wall Street's expectations. FactSet says analysts expected a profit, excluding items, of 31 cents per share on revenue of $14.18 billion.

Volume fell 1 percent in the quarter. Dow says it saw global economic "deterioration" in the period, with "considerable weakness" in Western Europe.