NEW YORK (TheStreet) -- Shares of DuPont (DD) - Get Report are rising today, rallying from its earlier decline, following the release of the company's third-quarter earnings results before the opening bell today.

The Dover, Del., chemical maker reported a quarterly net loss of $253 million, or a profit of $0.27 per share on an adjusted basis vs. a profit of $683 million, or $0.75 per share in the year-ago period. Revenue for the period was $5.3 billion, also down from the $5.8 billion it generated a year ago. 

Analysts were expecting the company to report earnings of $0.26 per share on revenue of $5.41 billion.

For the full year, the company reported net income of $1.95 billion, compared to $3.6 billion last year, on revenue that declined 12% to $25.1 billion year over year. 

"We are making progress on key initiatives, including further improving our cost structure and restructuring our organization to enhance our competitiveness," said DuPont Chairman and CEO Ed Breen.

Separately, the company announced that it will intensify spending cuts in an effort to streamline its operations ahead of its proposed merger with Dow Chemical (DOW). Dow is looking to cut costs by $730 million in 2016. Breen confirmed in the company's conference call today that the merger between the two companies is expected to be completed in the second half of 2016, pending regulatory approval. The combined company is expected to have a market cap of about $95 billion.

"Our merger process is on track. We are meeting key milestones and have begun our planning to create three strong, highly focused, independent businesses in agriculture, material science and specialty products," said Breen.

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TheStreet Ratings today decided to lower the company's rating following Tuesday morning's earnings call. 

TheStreet  now rated DuPont as a "hold" with a letter grade of C+, a downgrade from the stock's previous "buy" rating and B- letter grade. TheStreet identified numerous strengths in the company, including its largely solid financial position, reasonable debt levels by most measures, notable return on equity and expanding profit margins. However, as a counter to these strengths, TheStreet also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself.

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