Dow Chemical reports decline in 2Q profit

GRAND RAPIDS, Mich. -- Dow Chemical says despite two price increases unveiled during the second quarter, sharply higher costs for energy and raw materials contributed to a 27 percent decrease in profit for the period. The Midland, Mich.-based company says net income for the three-month period ending June 30 was $762 million, or 81 cents a share, compared with $1.04 billion, or $1.07 a share, during the same period last year. Revenue is up 23 percent to $16.38 billion, up from $13.27 billion. Thomson Financial says analysts expected earnings of 85 cents per share on sales of $14.9 billion. Dow also says it expects the U.S. economy to weaken for the rest of... [read full story]