LONDON (ShareCast) - Post-it note and Scotch tape maker 3M claimed it “made good progress" on its growth plan in 2007 as it reported a slide in fourth quarter earnings to $851m from $1.18bn a year earlier. EPS dipped to $1.17 a share from $1.57.

The company observed that the latest earnings figures include a loss of $12m, equivalent to 2 cents a share, on one-off items while the previous year’s figures were boosted to the tune of $354m, or 47 cents a share, by one-off items.

Sales in the last three months of 2007 rose 7% to $6.21bn from $5.78bn in the fourth quarter of 2006. 3M left is tearnings outlook for 2008 unchanged.

Dow Chemical saw its fourth quarter earnings slump as costs rose dramatically.

Net income declined to $472m from $975m a year earlier. Earnings per share (EPS) fell to $0.49 from $1 in Q4 2006. Excluding exceptional charges of $334m relating to restructuring charges and acquisition related R&D costs, EPS was $0.84, down from $0.98 on the same basis a year earlier.

Sales rose 16% to $14.23bn from $12.24bn a year earlier, with volumes 4% higher.

Energy and raw material costs soared in 2007 to $24.6bn, three times the level seen in 2002, the company said.

Power provider Entergy saw fourth quarter earnings slide 28% to $193.9m from $268.3m a year earlier. However, earnings per share (EPS) came in ahead of analysts’ expectations once exceptional items were excluded.

Analysts had been expecting EPS of $1.06 on revenue of around $2.92bn. The company said fourth quarter EPS excluding exceptional items came to $1.12.

Fourth quarter net income was $193.9m, or 96 cents a share, compared with $268.3m ($1.27 a share) in the final quarter of 2006, on revenue of $2.73bn. With exceptional items stripped out, net income rises to $225.9m, compared with $268.3m a year previously.

Consol Energy said a roof collapse at its Buchanan mine in July cut net income by $31m in the fourth quarter, as it announced a dramatic collapse in net income from $115.3m in Q4 2006 to $6.8m.

Earnings per share slumped to $0.04 from $0.62 a year earlier.

Oil and gas company Occidental Petroleum had soaring oil prices to thank for sharply increased fourth quarter profits.

Net income in the fourth quarter rose 56% to $1.45bn from $930m in the last quarter of 2006. EPS jumped to $1.74 from $1.09.

• News Channel