Dow Material Science Company publishes a q4 loss, it reduces 1500 jobs, 4 % of the workforce

Dow Inc. profits came. In the fourth quarter of Wall Street’s expectations, the material science company said on Thursday that it reduces 1500 world -class jobs in an attempt to reduce costs with stagnation of sales.

Workers’ layoff up to about 4 % of the workforce in Dow, according to FactSet. Dow said that the employee discounts are part of a broader plan to reduce $ 1 billion of costs, noting “macroeconomic conditions are constantly weak.”

Michigan -based DOW shares fell by about 8 % in morning trading.

Dow recorded a loss of $ 35 million in the fourth quarter. It was modified for the expenses for one time, and profits for each post in this period zero. This fell from last year’s profits of 43 cents per share, and given the profit of the 24 cents of analysts. For the whole year, Dow recorded $ 1.71 per share, a decrease of $ 2023.

Sales also decreased in the quarter and year last year, as they retracted the specialized packaging and plastic, which represent more than half of the company’s revenues. Dow said that sales in its largest sector decreased by 6 % in the fourth quarter and for the full year.

Total sales per quarter decreased to 2 %, while sales in 2024 decreased by 3.6 % to 43 billion dollars, a decrease from $ 44.6 billion in 2023.

Regarding the restructuring, DOW expects to be published fees in the first quarter of $ 250 million to $ 325 million for costs and other related costs

“Although these decisions are difficult, we must continue to take proactive measures to reduce costs while moving through this slow recovery in the continuous macroeconomic economy.”

Almost two years ago, Dow announced that it cuts 2000 jobs – 5 % of the workforce – trying to reach one billion dollars of savings.