MIDLAND (dpa-AFX) - Dow Inc. (DOW) reported a fourth quarter GAAP loss of $1.5 billion compared to a loss of $35 million, prior year. GAAP loss per share was $2.15 compared to a loss of $0.08. Operating EBITDA declined to $741 million from $1.2 billion, prior year. The company posted an operating loss per share of $0.34, for the quarter. Analysts on average expected the company to report a loss per share of $0.51, for the quarter. Analysts' estimates typically exclude special items.
Net sales were $9.46 billion compared to $10.41 billion, prior year. The company noted that its net sales were down 9% year-over-year, reflecting declines in all operating segments.
Dow announced a comprehensive plan to simplify how it operates and streamline its end-to-end processes. Transform to Outperform aims to simplify operating model through a redesigned organizational structure, resulting in a reduction of third party resources and approximately 4,500 Dow roles.
Transform to Outperform targets the addition of at least $2 billion in near-term Op. EBITDA. The company expects approximately $1.1-1.5 billion in one-time costs associated with Transform to Outperform, including approximately $600-800 million in severance for approximately 4,500 Dow roles and approximately $500-700 million in other one-time costs. The company expects benefits to be accretive to 2025 earnings levels and $1 billion cost savings program.
In pre-market trading on NYSE, Dow shares are down 2.7 percent to $27.01.
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