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DowDuPont quickens breakup process as quarterly loss widens

DowDuPont Inc. plans to separate its material sciences business by the end of the first quarter of 2019 and the agriculture and specialty products units by June 1, 2019.

The company previously expected to complete the breakup by August 2019.

DowDuPont saw an increase in net loss in the fourth quarter of 2017 to $1.26 billion from $33 million in the year-ago period.

Diluted loss per share widened to 54 cents in the quarter from 3 cents in the previous year, despite a net tax benefit of $1.1 billion related to the new U.S. tax law.

Net sales for the chemicals manufacturer reached $20.07 billion in the quarter, up from $13.02 billion in the previous year, with the highest contribution of $6.09 billion from packaging and specialty plastics.

DowDuPont booked an annual cost synergy run-rate of more than $800 million in the fourth quarter of 2017. The company is increasing its cost synergy commitment from $3 billion to $3.3 billion.

For the full year 2017, net income fell to $1.46 billion, or 91 cents per share, from $3.98 billion, or $3.52 per share, in 2016. Sales for 2017 rose to $62.48 billion from $48.16 billion in the prior year.

DowDuPont declared a dividend of 38 cents per common share in the fourth quarter, down from 46 cents per common share in the same quarter of 2016.