Dow Chemical Swings to Loss

Evaporating demand for plastics and chemicals hurts the bottom line.
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Dow Chemical

(DOW) - Get Report

missed analyst expectations, posting a third-quarter loss of $37 million, or 4 cents a share, compared with a profit of $149 million, or 16 cents a share, as demand for chemicals and plastics eroded.

"The chemical industry has been, and is, facing the worst business environment in decades," Chief Executive Michael Parker said. "At the same time, Dow has had the added challenge of integrating Union Carbide and other strategic acquisitions."

Excluding special items and nonrecurring charges, the company lost a penny a share, compared with a profit of 18 cents a share a year ago. Analysts had been expecting a profit of 5 cents a share, according to Thomson Financial/First Call.

Revenue for the quarter fell to $6.3 billion from $7.2 billion in the year-ago quarter.

Shares of Dow were recently trading down 4.17% to $27.26 in Instinet premarket action after closing at $28.44 Wednesday.