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January 30, 2010
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Dow to Report 83 Percent Stock Hike in 2009, Sees Continued Growth
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The Dow Chemical Company will host a live Webcast of its fourth quarter 2009 earnings conference call with securities analysts on Tuesday, February 2, 2010 at 10:00 a.m. Eastern Time. Dow will issue its fourth quarter earnings release on Business Wire at approximately 6:30 a.m. Eastern Time that day.
Midland-based Dow Chemical Co., the nation's largest chemical maker, is scheduled to report fourth-quarter earnings Tuesday and is expected to forecast continued growth.
Dow is poised to report its shares climbed 6 percent in the fourth quarter and rose a startling 83 percent during the year to close 2009 at $27.36.
Meanwhile, Braskem, giant Brazilian petrochemical firm, has announced acquisitions to allow it to vie for global market share with Dow and BASF and would like to acquire Dow if it could.
Braskem said its plastics production will top that of Dow Chemical after its recent purchase of rival Quattor Petroquimica SA and said it is seeking U.S. acquisitions.
"Our strategy is to become one of the five biggest global petrochemical makers," Chief Executive Officer Bernardo Gradin told investors in Sao Paulo. "The future is soon."
It is not known if Dow management on the conference call will address the Braskem challenge. Executives slated to talk include Andrew N. Liveris, Chairman & Chief Executive Officer; William H. Weideman, Vice President and Interim Chief Financial Officer; and Howard Ungerleider, Vice President, Investor Relations. They will discuss Dow's fourth quarter business results and outlook for the company. The Webcast is scheduled to last one hour. A replay of the Webcast will be available after the event.
Dow and Nalco Company cooperative efforts have resulted in annual water savings of one billion gallons of fresh water at Dow's largest production site. That's enough water to supply nearly 40,000 people in the U.S. for one year, the firm said.
Dow has been paying off debt and divesting some assets acquired in a $16.5 billion buyout of specialty materials company Rohm & Haas in June.
Dow in October completed the sale of Morton International to a German fertilizer maker K+S Aktiengesellschaft for $1.68 billion. Dow also has announced its intention to sell its powder coatings business. The company on Jan. 25 sold its acrylic acid and esters business and a specialty latex business to Arkema, a French chemical firm.
CEO Andrew Liveris told investors recently the company plans to divest $2 billion in assets in 2010, is aiming to resolve loose ends of its failed Kuwait venture. The firm's strategy has been to reduce the basic plastics and basic chemicals business and move more into profitable specialty chemicals.
Dow also introduced its solar roof shingle and joint venture Dow Kokam LLC acquired a large stake in lithium rechargeable battery maker Kokam America Inc. The company also announced the transfer to Dow of all assets of High Power Lithium, a lithium ion battery developer.
Analysts expect the company to continue significant gains during the economic recovery. Credit Suisse analyst John McNulty said Dow's stock is expected to continue robust growth this year. ###
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