FILE -- A May 28, 2008 file photo shows the Dow Chemical Co. industrial site is seen in Midland, Mic

Liveris said Thursday that deteriorating global business conditions caused a 34 percent drop in Dow Chemical's second-quarter net income. And he doesn't expect to see much improvement for the rest of this year.
FILE -- A May 28, 2008 file photo shows the Dow Chemical Co. industrial site is seen in Midland, search resort hotels Mich. Dow Chemical Co. s second-quarter net income fell 34 percent as weaker demand led to lower prices, the company reported Thursday July 26, 2012.
The DuPont Co. s net income fell 3 percent in the second quarter as sales volumes fell in several business units, including performance chemicals, electronics, and safety and protection, and it absorbed charges for claims over a weed killer and a legal settlement.
Fear that Spain may need a bailout sent its borrowing costs soaring, search resort hotels the euro to a two-year low against the dollar and stocks around the world tumbling as investors pulled back Monday from all manner of risk.
A quarterly profit search resort hotels of 55 cents per share missed estimates and shares in the nation's largest chemicals maker fell 3.7 percent in afternoon trading. Liveris said volumes fell in most categories as demand dropped because of a "synchronized global economic slowdown." Customers were cautious about purchases because of uncertainty about where global growth is headed.
The Midland, Mich., manufacturer has a broad reach across industries and geographic regions, selling materials used in everything from televisions and paint to construction and agricultural products.
Since the end of the first quarter, economies have slowed in the U.S. and China. Some European countries have fallen into recession as the massive debt crisis there drags on. Manufacturing has declined in all three regions.
For the April-through-June quarter, Dow Chemical's earnings fell to $649 million. A year earlier, Dow earned $982 million, or 84 cents per share. Revenue dropped 10 percent to $14.51 billion. That's the company's first decline in revenue since the third quarter of 2009.
Sales fell for materials used in electronics, energy, coatings and infrastructure. Sales also fell for performance materials, like polyurethane and epoxy. Performance plastic volumes rose but sales dropped because of a 9 percent decrease in prices.
To contend with these conditions, Dow Chemical will ramp up its efforts to cut costs and reduce capital expenditures. Liveris said that the company will extend the time expected for it to reach near-term earnings targets but still expects to hit those targets.
Shares of Dow Chemical fell $1.09, or 3.6 percent, to close at $29.18 Thursday. Its shares have risen 42 percent since hitting a 52-week low of $20.61 in October but are still short of their high of $36.32 late last July.
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