Dow reports lower quarterly profit on weak demand

(Reuters) – Dow Inc reported a lower second-quarter profit on Tuesday, hurt by lower prices of its products and weak sales volumes.

Manufacturing activity in the United States and Europe continued to decline during the reported quarter as interest rate hikes from central banks forced customers to take a disciplined approach towards spending.

Exports from China in June fell the most in three years since the onset of the pandemic, pointing towards an ailing global economy.

Dow’s net sales during the quarter fell to $11.4 billion from $15.7 billion due to slower macroeconomic activity, the company said.

The company posted a net income of $501 million, or 68 cents per share, in the quarter, compared with $1.68 billion, or $2.26 per share, a year earlier.