Dow swings to net loss in Q4 as it books charge to de-risk pension plans

Chemicals company Dow Inc.
DOW,
-1.52%
said Thursday it swung to a net loss of $105 million, or 15 cents a share, in the fourth quarter from income of $613 million, or 85 cents a share, in the year-earlier period. Adjusted per-share earnings came to 43 cents, ahead of the 40 cent FactSet consensus. Sales fell to $10.621 billion from $11.859 billion, but beat the $10.377 billion FactSet consensus. The adjusted number excludes significant items in the quarter, including a non-cash settlement charge stemming from pension de-risking plans. The Midland, Michigan-based Dow said sales were lower at all operating segments due to slower macro activity and as price and volume gains in packaging & specialty plastics were more than offset by seasonal demand declines in performance materials & coatings. “In 2024, we will maintain our commitment to financial and operational discipline as we continue to navigate dynamic market conditions,” Chief Executive Jim Fitterling said in a statement. “While we expect softness in industrial and durable goods demand to continue in the first quarter, we are encouraged by early positive signals in areas including construction, automotive and consumer electronics.” The stock was up 0.6% premarket but has fallen 8% in the last 12 months, while the S&P 500
SPX,
+0.08%
has gained 21%.