Calling the outlook for global demand for the rest of the year "bleak," Dow Chemical Co. (NYSE: DOW) reported a bigger drop in second-quarter earnings than was originally estimated.
Dow reported a profit of $734 million, or 55 cents a share, from $1.07 billion, or 84 cents, a year earlier.
The company reported sales of $14.5 billion, down 10%, or 6% on an adjusted sales basis.
The decline was led by Europe, which decreased 10%, driven by adverse currency conditions totaling more than $400 million, or 8%.
"The new reality is that this world is not in a normal growth mode," Andrew N. Liveris, Dow's chairman and CEO, told analysts on a conference call. "And it does not appear that we will see this for at least 12 to 24 months."...