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Dow's balance sheet exceeds expectations

USA U.S. chemical company Dow Chemical reported net income of $24 million, equivalent to 3 cents per share, compared to $941 million in the same period a year earlier.the result, however, is positive against analysts' calculations that forecast large losses for the company.

If items are excluded, the gains were 12 cents per share. Analysts, on average, forecast a loss of 20 cents per share before special items, according to Reuters Estimates.

"Our positive earnings in this recession climate were a direct result of our swift steps to lower costs and manage operations tightly," Chief Executive Andrew Liveris said in a statement.

The company said it cut expenses by $270 million in the quarter from the same period a year earlier. Raw material and energy costs fell 49%.

Sales fell 39 percent to $9.09 billion, compared with an average estimate of $11.61 billion.

Author: Vanesa Restrepo

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