Dow Chemical (NYSE:DOW) announced today that it earned $649 million during the second quarter, down 34% from $982 million during the same period last year.
During the quarter, the company recorded revenue of $14.51 billion, down 10% from 2011.
EPS was 55 cents a share, down from 84 cents last year.
The results disappointed Wall Street, which had expected earnings of 64 cents a share on revenue of $15.69 billion, Reuters noted.
Dow shares tumbled almost 4% in early Thursday trading.
Company officials attributed the worse-than-expected numbers to weakening demand due to a sluggish economy in the U.S. and around the world. They indicated that they did not foresee improved conditions until at least next year.
Not surprisingly, Europe continued to under-perform, but the company also said it noted declining demand for exports from China.
The company is a sponsor of the London Olympics, which kick off tomorrow. That sponsorship has generated some criticism due to Dow’s 2001 acquisition of Union Carbide, owner of the Bhopal, India, factory whose gas leak killed as many as 25,000 nearby residents in 1984.