Weaker demand pressures Dow Chemical

AP

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

The biggest U.S. chemical maker's results missed Wall Street estimates. Shares dropped 4 percent in premarket trading.

Dow offers a picture of global economic conditions because its products are used in nearly every sector.

Dow Chemical reported Thursday that 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. The biggest drop - 8 percent - was in Europe.