Sept 12 (Askume) – U.S. chemicals maker Dow Chemical Co (DOW.N) on Thursday lowered its third-quarter revenue forecast due to an unexpected incident at a plant in Texas.
Company CEO Jim Fitterling said there was a major accident in the ethylene cracker unit at the Texas plant in late July.
Dow also faces higher input costs and profit contraction in Europe, he said.
The company expects third-quarter revenue of about $10.6 billion, compared with its previous estimate of $11.1 billion.
Wall Street had expected third-quarter revenue of $11 billion.
The company’s shares fell 2.9% in pre-market trading.
