New York, Jul. 24 - Dow Chemical Co said Thursday that second-quarter earnings fell as its price increases had failed to offset a sharp spike in energy and raw material costs.
Net income fell to $762 million, or 81 cents a share, from $1.04 billion, or $1.07 a share, a year earlier.
Earlier this month, Dow said it would acquire specialty chemical maker Rohm and Haas Co for $15.3 billion in a move to broaden its product offerings in higher-margin markets such as paints, coatings and electronic materials.
Dow has long been among the largest global makers of commodity chemicals such as those used to make plastics, but that business is typically cyclical and yields thinner margins than specialty chemicals.
Shares of Dow have fallen almost 15 percent in the last three months, while the Standard & Poor's Chemical Index is down 3.3 percent.