(Reuters) -Chemicals maker Dow reported a 10.4% drop in fourth-quarter sales as destocking trends persisted amid lower demand for its products across key markets.
Chemical companies experienced a lackluster 2023 as they struggled to offload inventory amid a slowdown in demand in major markets such as the UK and China.
However, analysts predict this trend will abate in 2024 and the sector will benefit from rising demand across its product lines.
Dow reported fourth-quarter net sales of $10.62 billion, compared with $11.86 billion in the year-ago quarter.
It reported adjusted profit of 43 cents per share for the three months ended Dec. 31, beating analysts’ estimates of 40 cents, according to LSEG data.
(Reporting by Saikeerthi in Bengaluru; Editing by Devika Syamnath)
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