Dow Warns of Profit Shortfall in Quarter
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Dow Chemical Co. warned that it would miss third-quarter earnings estimates, surprising analysts and sending the company’s shares lower.
Dow cited higher costs for oil and gas feedstocks, mainly in Europe, as the principal reason for the warning, which had a ripple effect among chemical industry stocks.
Midland, Mich.-based Dow expects third-quarter earnings per share to be “about the same” as the 16-cent-a-share profit it reported in the year-earlier quarter, a forecast that is nearly 45% below the 29-cent consensus estimate of analysts.
The company’s shares fell $2.55 to $27.25 on New York Stock Exchange.
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