26 janvier, 2007 21:57
Dow Chemical profit falls in 4th quarter
January 26, 2007
The Associated Press
DETROIT -- Dow Chemical Co.'s fourth-quarter profit declined 11 percent as higher costs offset a modest rise in sales, but its CEO said Thursday the performance by the world's second-largest chemical company illustrates resiliency in a year of volatile energy prices and a challenging North American market.
Net income fell to $975 million, or $1 per share, in the last three months of 2006 from $1.1 billion, or $1.12 per share, in the year-ago period.
The latest results were hurt by a charge of $85 million for a fine imposed by the European Commission related to a rubber price-fixing scandal, as well as a $12 million restructuring charge.
But Andrew Liveris, Dow's chairman and chief executive, said the results reflect the Midland-based company's long-term growth strategy.
"This is a very earnings-resilient company," he told The Associated Press in a telephone interview. "We have built an integrated, diversified company that can withstand excess supply from the Middle East or a downturn."
Dow said energy costs are trending lower in 2007 and expects to see healthy demand and "solid results" in the year ahead.
Its shares slipped 12 cents to close at $41.94 on the New York Stock Exchange, where they have traded in a 52-week range of $33 to $44.30.
AT&T
AT&T Inc. said Thursday that fourth-quarter earnings rose 17 percent, led by growth in wireless subscribers. The telephone company also reported higher cost savings from past mergers and projected significantly higher cost reductions from the just-completed purchase of BellSouth Corp.
For the three months ended Dec. 31, the nation's largest provider of local phone, cellular and DSL Internet services posted net income of $1.94 billion, or 50 cents a share. In the same quarter a year earlier, earnings totaled $1.66 billion, or 46 cents per share.
Fourth-quarter revenues reached $15.9 billion, a 23 percent increase from $12.9 billion in the final months of 2005.
Union Pacific
Union Pacific Corp., the nation's largest railroad operator, reported a 64 percent jump in fourth-quarter net income because of greater efficiencies and strong demand for the coal and agricultural products it ships.
The Omaha-based railroad said it earned $485 million, or $1.78 per share, during the quarter that ended Dec. 31. That's up from last year's $296 million, or $1.10 per share.
