Analyzing Q2 Results - Report on The Dow

NEW YORK, September 30, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on The Dow Chemical Company (NYSE: DOW). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/DOW.pdf

Highlights from our DOW Report include:

• Second Quarter and First Half Results - On July 28, 2015, Dow announced its financial results for the second quarter and first half of fiscal 2015. For the second quarter the Company reported total revenues of $12,910 million while total revenues in Q2 FY14 was $14,917 million. Dow's net income available for common stockholders amounted to $1,135 million or $0.97 per diluted share in Q2 FY15 versus a reported net income of $882 million or $0.73 per share in the prior year period. For the first half of the year, the Company reported revenues amounting to $25,280 million vis-à-vis $29,378 million reported in the previous year first half. Dow generated net income available for common stockholders of $2,528 million or $2.21 per share during H1FY15 as compared to $1,846 million or $1.54 per share reported in the prior year period.
  
• Key Events during Q2 - During the quarter, the Company announced a series of execution milestones in its portfolio management program. These included the achievement of several significant regulatory clearances for the chlor-alkali and derivatives divestiture transaction, the mechanical completion and initiation of commissioning of a propane dehydrogenation unit in Texas Operations, the consolidation of Univation Technologies, LLC and the signing of a definitive agreement for the divestiture of its post-harvest specialty chemical business, AgroFresh. Dow also achieved regulatory clearances for its ARYLEX™ and ISOCLAST™ actives in Europe and announced the first commercial sale of ENLIST DUO™ herbicide in the United States in the quarter.
  
• Outlook - Andrew N. Liveris, Chairman and CEO of Dow informed that the Company sees growing momentum in construction, packaging and automotive markets outweighing some softness in agriculture and energy-related markets, and Dow is geographically positioned to grow where growth exists. He then added that the Company continues to drive all of its portfolio management programs through focused execution, specifically its growth investments in both integrated assets on the U.S. Gulf Coast and in Saudi Arabia, as well as new technology launches, which remain on track and are beginning to deliver significant earnings growth.
  
• Management Speak - Andrew N. Liveris, added, "Dow's outstanding second quarter and first-half results illustrate our relentless focus on execution against our strategy and proactive self-help actions to deliver strong financial performance. Through disciplined commercial and operational excellence, coupled with underlying strength in demand for Dow products, we once again generated significant earnings growth, margin expansion and strong free cash flow in the quarter - in the midst of record-level growth capital spending."

To find out how this influences our rating on The Dow Chemical Company read the full report in its entirety here: http://www.aciassociation.com/DOW.pdf

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