Dow Slashes Dividend, Reports Bigger-Than-Expected Loss
July 24 (Reuters) - Dow Inc reported a bigger-than-expected quarterly loss on Thursday and halved its dividend amid a prolonged industry downturn, sending shares of the chemicals maker down about 10% in premarket trading.
Global chemical companies are feeling the pressure to reassess strategies, with higher production costs in the Euro region, lackluster demand and stringent environmental regulations.
Quarterly net sales from Dow's packaging and specialty plastics segment, its largest by revenue, fell 8.9% to $5.03 billion from a year earlier.
The Michigan-based company reported an adjusted loss of 42 cents per share for the second quarter ended June 30, compared with analysts' average estimate of a loss of 17 cents per share, according to data compiled by LSEG.
Dow declared a quarterly dividend of 35 cents per share.
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