Du Pont, Dow Post Rises in Net For 4th Quarter --- Both Predict Improvement In 1984, Cite Negative Impact of Strong Dollar
Du Pont Co. and Dow Chemical Co., the two largest U.S. chemical concerns, reported sharply higher fourth-quarter profit and predicted continued improvement through 1984.</br></br>But both companies said the rebound in their chemical operations was offset partly by the negative impact of the strong U.S. dollar and weak showings by their petroleum-related businesses.</br></br>Du Pont said fourth-period net income rose 69% to $341 million, or $1.42 a share, from $202 million, or 84 cents a share, a year earlier. The latest quarter's earnings include $30 million of one-time gains, $23 million of which came from settling a claim against Iran over a fibers plant that was expropriated after the 1979 Iranian revolution. The 1982 fourth quarter net is after about $20 million of one-time expenses.</br></br>Fourth-quarter sales increased 8% to $9.08 billion from $8.37 billion.</br></br>Edward G. Jefferson, Du Pont's chairman, said the chemical, plastic, fiber and specialty-product divisions benefited from the U.S. economic recovery, as well as from cost reductions and higher productivity. Du Pont's Conoco Inc. subsidiary's oil and natural gas profit was off, however, because of weak demand and lower prices.