P.M. BRIEFING : Dow Chemical Earnings Off 9%

MIDLAND, Mich. — Declining prices reduced Dow Chemical Co.’s fourth-quarter earnings nearly 9% from year-earlier levels, the company said today.

Dow said it had net income of $427 million, or $1.59 a share, for the three months ended Dec. 31, down from $635 million, or $2.29 a share, for the fourth quarter of 1988.

Sales for the quarter totaled $4.26 billion, down from $4.30 billion a year earlier, the company said.

Frank Popoff, Dow’s president and chief executive officer, said the company’s results were hurt by a drop in prices from the peak levels of late 1988, when some of its products were in short supply.

One-time costs due to the prolonged cold snap in December also affected the Dow earnings.