DOW Dow Inc

   By Matt Grossman 
 

Dow Inc. Thursday swung to a second-quarter loss as revenue declined amid lower volumes during the continuing coronavirus pandemic.

The company has also initiated a restructuring program that will reduce its workforce by 6%, Dow said.

During the quarter, the Midland, Mich.-based materials company experienced lower demand for its durable good end markets, Dow said. That weakness could not be overcome by a stronger need for the company's products in food packaging, health and hygiene, home care and pharmaceutical applications, according to the company.

Dow recorded a loss of $225 million, or 31 cents a share, compared with a profit of $75 million, or 10 cents a share, in the same period a year earlier.

Analysts had forecast a loss of 41 cents a share, according to FactSet.

Dow's second-quarter sales declined to $8.35 billion, from $11.01 billion a year earlier. The analyst consensus called for second-quarter sales of $8.04 billion.

Packaging and specialty plastics sales declined 23% to $4 billion from a year ago. Industrial intermediaries and infrastructure sales were $2.4 billion, lower by 28% compared with last year's second quarter. Performance materials and coatings sales came in at $1.9 billion, a 21% decline.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

July 23, 2020 06:35 ET (10:35 GMT)

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