Dow Chemical Co. (DOW) Tops Q1 EPS by 8c

Dow Chemical Co. (NYSE: DOW) reported Q1 EPS of $0.79, $0.08 better than the analyst estimate of $0.71. Revenue for the quarter came in at $14.5 billion versus the consensus estimate of $14.72 billion.

Andrew N. Liveris, Dow’s chairman and chief executive officer, stated:

“Dow’s performance this quarter represents our team’s cumulative and intense focus on the execution of our strategic value drivers – including targeted innovation, high-return investments and multiple productivity actions. We achieved margin expansion in all of our key business operating segments – despite a series of weather- and transport-related issues in North America. These self-help programs are fully in gear, and they mitigated against a persistent slow-growth world economy and overcame more than $300 million of increased hydrocarbon costs during the quarter.

“Our financial priorities are firmly institutionalized, and we continued to increase cash flow and further improved return on capital. Additionally, we increased our dividend and completed $1.25 billion in share repurchases in the first quarter alone. Collectively, these results reflect our complete focus on maximizing shareholder value.”

Outlook

Commenting on the Company’s outlook, Liveris said:

“Looking forward, we expect a global operating environment of continued slow growth and volatility. Against this backdrop, we have intervened and remain resolute in achieving our short- and medium-term stated earnings targets.

“As 2014 unfolds, our actions to generate margin improvement will gain further momentum – evidenced again by our sixth consecutive quarter of year-over-year earnings growth. All of our key investments remain on track – especially Sadara and our PDH unit in Texas – and are expected to deliver increased earnings beginning in 2015.

“Further, we will continue to execute aggressive portfolio management and to release additional value through the monetization of non-strategic businesses. Our target remains $4.5 billion-$6 billion of proceeds, to be completed by the end of 2015. This, coupled with the completion of our $4.5 billion share buy-back program by year-end, demonstrates our continued focus on increasingly returning value to our shareholders.”

For earnings history and earnings-related data on Dow Chemical Co. (DOW) click here.

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