Dow Chemical posted fourth-quarter net income of $963 million, reversing a year-ago loss of $716 million. Earnings were up in all seg- ments, with particular strength in performance plastics. Reported adjusted earnings were 65 cts/share, up 97% compared with the year-ago quarter and 51% above the consensus analyst estimate as reported by Thomson Reuters. Dow also announced today that it would increase its quarterly dividend by 15% and expanded its share buy-back program to $4.5 billion, from $1.5 billion, of common stock to be completed in 2014. Sales were $14.4 billion, up 3% versus the prior-year quarter. Sales increased in all operating segments exclud- ing feedstocks and energy, Dow says. Adjusted Ebitda for the quarter was $2.1 billion, an increase of 31% versus the year-ago period with gains in every operating segment. Adjusted Ebitda margin expanded more than 300 basis points led by gains in performance plastics, per- formance materials, and coatings and infrastructure solutions.
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