Dow Chemical (NYSE:DOW) reported Q4 EPS of 47 cents, much better than the 35 cents analysts were expecting. Revenue totaled $13.8 billion which was also well ahead of the $12.5 billion analysts had forecast. EBITDA was $1.9 billion, an increase of 30% vs.the year-ago period. Chairman and CEO Andrew Liveris said, "This was a strong quarter for Dow and marked another significant milestone for our Company as we continued to deliver earnings growth. Broad-based sales increases and robust volume gains across the globe reflected the strength of our transformed business portfolio and wide geographic presence. We delivered record sales for both the quarter and the year in emerging markets, while our leadership positions in North America and Europe enabled us to capitalize on the economic recovery that appears to be gaining traction in those economies. We are extremely pleased that we have achieved our seventh consecutive quarter of year-on-year margin expansion. Regarding Dow's outlook, Liveris said, "Looking ahead, we expect growth will continue, driven by a broad range of leading end-markets in emerging geographies such as China, India, Eastern Europe and Brazil. Signs of improvement in industrial and B2B markets in North America and Europe give us optimism that we will see continued growth in these developed markets. Overall, the world continues to recover to pre-recession levels. However, with inflation concerns in emerging geographies, lingering unemployment issues in the United States and sovereign debt issues in Europe, we remain prepared for a reversal in momentum."
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