Cleaning & Restoration Breaking News

Dow profits drop due to higher costs

January 25, 2001
/ Print / Reprints /
ShareMore
/ Text Size+
Midland, Mich. -- Dow Chemical Co. announced its fourth-quarter income fell 9%, hurt by significantly higher costs for raw materials and a slowing economy. Dow is acquiring Union Carbide Corp. and warned that business conditions were not expected to improve in the following months, similar to recent statements by rivals such as DuPont Co. According to Dow, its net income for the fourth-quarter fell to $243 million, or 36 cents a diluted share, from $267 million, or 40 a share, at the same time last year. Last year’s period involved special charges, including charges for restructuring that cut earnings by 10 cents a share.

According to First Call/Thomson Financial, which tracks estimates, Dow's earnings matched analysts' expectations of 36 cents a share. Similar to other chemical companies, Dow has been hit hard by rising costs for crude oil and natural gas -- key raw materials in the chemical industry – in addition to a weakening economic picture. While energy prices will most likely remain volatile for the first half of 2001and economic slowdown could challenge the chemicals industry, Dow said it expects some recovery from the middle of 2001 and said it would continue to focus on managing its working capital and cutting costs. Dow had hoped to close its deal to buy Union Carbide at this same time last year, but the deal has not yet been approved by anti-trust regulators. If the deal is completed, the combination would trail only DuPont in worldwide sales.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

Podcasts

Don't underestimate the value of a good Internet marketing plan. In fact, if you do this right, it's not uncommon to see ROI along the lines of 30-to-1. Here's a look at 27 free and low-cost tips that you can begin implementing within your cleaning business today to drive more business.
More Podcasts

ICS Cleaning Specialist Magazine

CoverImage

2014 August

The August issue of ICS features stories on carpet mold, good training, marketing for cleaners, traffic lane cleaning, and cool products.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive

THE ICS STORE

Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products

ICS DIRECTORY AND BUYING GUIDE

Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view

TRUCKMOUNT EQUIPMENT AND ACCESSORIES GUIDE

Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view

STAY CONNECTED

facebook_40.png twitter_40px.png youtube_40px.pngcrc logo