Dow Q2 Sales Decreases By 31%

The Dow Chemical Company has reported a decrease in sales by 31% to $11.3 billion for the second quarter of 2009 from reported sales in the same period last year.

It has reported a net income of $435m from continuing operations for the second quarter, a decrease in comparison with net income of $776m in the second quarter of 2008.

The company has also reported a loss for the current quarter of $0.47 per share versus earnings of $0.81 per share in the second quarter of 2008 and earnings of $0.03 per share in the first quarter of 2009.

Andrew Liveris, chairman and CEO of Dow Chemical Company, said: “Dow achieved improved financial performance and successfully reached a number of significant transformational milestones in the second quarter. Business results improved sequentially, reflecting volume growth, our ability to hold price in the quarter as well as the acceleration and realization of our cost reductions and synergies. The actions we have taken thus far represent major steps forward as part of our strategic planning and the long-term goals we have set for our company. We will continue to manage our business with the same dedicated focus and are confident that we are on track to position Dow as an earnings growth company.