MIDLAND, Mich. (AP) — 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. Dow reported double-digit sales gains in agricultural chemicals and coatings, and it raised prices for performance plastics by 7 percent, offsetting declines in other segments. 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. Excluding a gain on the sale of a catalysts business and other items, the company would have earned 65 cents per share. Analysts expected 43 cents per share, according to a FactSet survey. 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, and it increased a share-buyback authorization to $4.5 billion from $1.5 billion . In trading before Wednesday's opening bell, shares of Dow Chemical Co. rose $2.98 to $46.04 .
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- What to Expect From an Amazon Smartphone
- Clinton Sought GOP Support for Health Plan
- Saucedo Mercer Running on Empty in Arizona
- Spring Salmon Return to San Joaquin
- Auto Parts Plant Opening in Pa., Jobs on Tap
- IPO Market Shows Signs of Settling Down to Earth
- Pakistan Library Dedicated to 'Osama bin Laden, the Martyr'
- 'Beige Book' Federal Reserve Survey, April 2014: Full Text
- Venture Investments in U.S. Highest Since 2001