Dow's Q2 profit plummets, signaling a bleak second half
Dow reported a 70% drop in second-quarter profit due to lower product prices and weak sales volumes, while warning of a challenging macroeconomic environment in the second half of the year. Manufacturing activity in the US and Europe continued to decline, and Dow expects third-quarter net sales to be lower than expected. The company's net sales fell to $11.4 billion from $15.7 billion, indicating weak demand for its products. Dow posted a net income of $501 million, beating estimates, and is on track to deliver its cost-saving target for the year.