E.I. du Pont de Nemours and Co. (NYSE: DD) reported fourth quarter and full-year 2015 results Tuesday before markets opened. The chemical giant posted quarterly adjusted operating earnings per share (EPS) of $0.27 on revenues of $5.30 billion. In the fourth quarter of 2014, the company reported EPS of $0.57 on revenues of $5.85 billion. Consensus estimates called for EPS of $0.25 and revenues of $5.53 billion.

For the full year, DuPont reported EPS of $2.77 on revenues of $25.13 billion, compared with 2014 EPS of $3.51 and revenues of $28.41 billion. Analysts were looking for EPS of $2.76 and revenues of $25.55 billion.

On a GAAP basis, the company posted a net loss of $0.26 for the quarter and EPS for the year of $2.09. Restructuring charges wiped $0.58 per share from earnings while other items narrowed the quarter’s adjustments to $0.47. Total adjustments for the fiscal year totaled $0.39.

Regarding the announced merger with Dow Chemical Co. (NYSE: DOW), DuPont said that the merger is expected to close in the second half of 2016, after which the new company, named DowDuPont, will break into three separately traded public companies in tax-free spin-offs. Nothing new there.

CEO and Chairman Ed Breen said:

We are making progress on key initiatives, including further improving our cost structure and restructuring our organization to enhance our competitiveness. In this pivotal year for DuPont we have three priorities: deliver operating earnings growth while positioning our businesses to compete successfully over the long term; continue to improve our capital allocation and working capital performance; and complete the proposed merger of equals with Dow.

The company expects 2016 operating earnings of $2.95 to $3.10 per share, including an expected benefit of $0.64 per share from the 2016 global cost savings and restructuring plan. The largest portion of the company’s savings and restructuring plan will be felt in the second half of the year. Also, excluding the impact of currency, the guidance for full-year operating EPS, including expected benefits from cost savings and share repurchases, represents a 17% to 23% increase year over year.

Analysts are calling for full-year 2016 EPS of $3.14 and first-quarter EPS of $0.25.

Shares were inactive Tuesday morning, having closed at $53.02 on Monday, down about 3.1% for the day, in a 52-week range of $47.11 to $80.65.

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