Chemicals giant DowDuPont was slightly lower in early trading on Thursday despite the company reporting a decent set of fourth-quarter results.
Accelerating demand on the back of strong global growth enabled the company to report a 13% rise in sales to $20.1bn.
The company said volumes grew 6% on a pro-forma basis, with increases in all operating segments and geographies on broad-based, consumer-led and investment-driven demand.
Local prices rose 5% on a pro-forma basis, led by increases in all geographies and double-digit gains in industrial intermediates & infrastructure and performance materials & coatings.
DowDuPont also projected changes to US tax rules to translate into a 1-2% reduction in its 2018 tax rate versus previous expectations.
“Our fourth-quarter operating results continued the strong performance that we delivered throughout 2017, as we grew our top and bottom lines by double digits in the quarter and the full year,” said Ed Breen, chief executive.
Formed from last year´s merger of Dow and DuPont, the company also raised its estimates of cost savings arising from the tie-up, from $3bn to $3.3bn.
“Our 2017 results reflect robust underlying demand for many of our products, the power of our innovation engine and our leading positions in growing markets. We delivered these results while completing our merger, realigning the business around key end-markets, and achieving more than $800m in run-rate savings from our cost synergy programs. We also are making significant progress standing up the intended public companies, which we now expect to spin about 14 to 16 months from today,” added Breen.
Shares traded 0.3% lower as at 1440 GMT.