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.
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