This replaces a previous item that incorrectly reported loss compared to expectations. It has been corrected and the price movements have been updated.
Dow Inc. DOW Shares,
It fell 4.7% in Thursday morning operations, after the materials science company slowed to a narrower-than-expected loss and reported revenue that fell less than expected, but also said it will reduce its 6% workforce as part of a restructuring aimed at increasing its spending reduction target to $ 500 million from $ 350 million. Net loss was $ 225 million, or 31 cents a share, after net income of $ 75 million, or 10 cents a share, in the same period last year. Operating loss, which excludes non-recurring items such as integration and separation costs, loss per share was 26 cents, compared to the FactSet consensus for a loss of 28 cents. Sales fell 24% to $ 8.35 billion, above the FactSet consensus of $ 8.04 billion, as its three business segments exceeded sales expectations. “We captured strong demand growth in packaging, health and hygiene, home care and pharmaceutical end markets, partially offsetting the weakness of consumer durable goods,” said Chief Executive Jim Fitterling. “Extended economic blockades changed the tipping point for recovery in demand in key markets and geographies in June, where we began to see gradual improvements in most industries.” Dow shares fell 22.8 years to date as of Wednesday, while the DIA Jones Industrial Average DJIA,
It has slipped 5.7%.
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