Weaker demand pressures Dow Chemical 2Q

MIDLAND, Mich. ) — Dow Chemical Co. says its second-quarter net income fell 34 percent as weaker demand led to lower prices. Softness in Europe and a stronger dollar also weighed on results.

Its results missed Wall Street estimates and its shares dropped 4 percent in premarket trading.

The nation’s biggest chemical maker can offer a broad picture of global economic conditions because its products are used in nearly every sector.

Dow Chemical reported Thursday that its net income fell to $649 million, or 55 cents per share, for the April-June quarter. That’s down from $982 million, or 84 cents per share, a year ago.

Analysts forecast 64 cents per share.

Revenue dropped 10 percent to $14.51 billion, missing Wall Street’s estimate of $15.69 billion.

Prices fell 5 percent, declining in all geographic regions. The biggest drop — 8 percent — was in Europe.