(Reuters) – U.S. chemicals maker Dow lowered its third-quarter revenue forecast on Thursday due to an unplanned event at one of its plants in Texas.
The company’s CEO, Jim Fitterling, said a significant unplanned event occurred in late July at one of its ethylene crackers in the Texas plant.
Dow is also experiencing higher input costs and margin compression in Europe, he added.
The company expects its third-quarter revenue to be approximately $10.6 billion, compared with the prior view of $11.1 billion.
Wall Street estimated a revenue of $11 billion for the third quarter.
Shares of the company fell 2.9% in premarket trading.
(Reporting by Sourasis Bose in Bengaluru; Editing by Shreya Biswas)
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