UPDATE 3-Dow forecasts current-quarter revenue below estimates on sluggish global recovery [Reuters]
Dow Inc. (DOW)
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Source: Reuters
Dow forecasts current-quarter revenue below estimates on sluggish global recovery (Reuters) - Dow Inc ( DOW.N ) forecast current-quarter revenue below estimates on Thursday after posting a drop in adjusted quarterly profit as selling rates of chemicals took a hit from a slump in oil prices and the coronavirus outbreak dented demand in some end markets. Already struggling with trade-related uncertainties, chemical companies globally are now forced to grapple with a widespread halt in industrial activity to stem the spread of the pandemic and the crash in oil prices. “The progression of containment and recovery that we saw in China is now playing out in Europe and we expect similar patterns to evolve in the U.S. and other countries,” Chief Financial Officer Howard Ungerleider said. “So our corridor of potential outcomes assumes that the second quarter will show the largest global economic and chemical industry impacts from COVID-19 and the collapse in energy prices.” Dow, which makes
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