Dow Chemical said fourth-quarter profit fell 11%, hurt by weakness in its basic-chemicals unit and weak sales in the U.S. But the results outpaced analysts' expectations.
Dow said net income in the last three months of 2006 fell to $975 million, or $1 a share, from $1.1 billion, or $1.12 a share, a year ago.
The latest quarter was hurt by a charge of $85 million for a fine imposed by the European Commission related to a rubber price-fixing scandal, as well as a $12 million restructuring charge.
Excluding certain one-time items, of 98 cents a share, down from a comparable profit of $1.02 a share in the same quarter a year ago. Analysts surveyed by Thomson Financial predicted a profit of 93 cents a share.
Revenues climbed 2.7% to $12.24 billion, edging the consensus target of $12.12 billion.