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Dow Chemical posts $1.55B 4Q loss, revenue skids

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[February 03, 2009]  GRAND RAPIDS, Mich. (AP) -- Dow Chemical Co. says it lost more than $1.5 billion in the fourth quarter as sales dropped 23 percent to end one of its worst years on record amid a global slump.

Dow said Tuesday it lost $1.55 billion, or $1.68 per share, during the three months that ended Dec. 31. That compares with a profit of $472 million, or 49 cents per share, during the last quarter of 2007. Excluding certain one-time costs, its loss was 62 cents per share.

Thomson Reuters says its survey of analysts showed they expected a profit of 6 cents a share excluding one-time items.

The Midland-based chemical company says sales fell to $10.9 billion from $14.2 billion.

Analysts had been looking for much higher revenue of $13.3 billion.

[Associated Press; By JAMES PRICHARD]

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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