REFILE-UPDATE 1-Dow Chemical Q4 profit misses view as demand withers
Jan 31 (Reuters) - Dow Chemical Co posted lower-than-expected adjusted profit on Thursday, as demand withered for specialty plastics and chlorine in China and Europe.
For the fourth quarter, the net loss widened to $716 million, or 61 cents per share, from $20 million, or 2 cents per share, in the year-earlier quarter.
Excluding one-time items, the company earned 33 cents during the quarter. By that measure, analysts expected 34 cents per share, according to Thomson Reuters I/B/E/S.
Sales fell 1 percent to $13.92 billion. Analysts looked for sales of $13.69 billion.
"The second half of 2012 saw significant deterioration in the markets we serve, particularly in China," Dow Chemical Chief Executive Andrew Liveris said in a statement.
Dow Chemical took a $990 million charge in the quarter, part of a plan announced in October to lay off 5 percent of its workforce, close 20 plants and write down the value of its underperforming lithium ion battery business.