MIDLAND, MICH. (July 28, 1:30 p.m. ET) — Dow Chemical Co. has revealed second quarter figures that beat market expectations, in major part due to the success of its plastics operations. The company's overall net sales reached $1.1 billion, up from $651 million a year ago.
“This marked another quarter of tremendous progress for Dow,” said Andrew Liveris, Dow's chairman and CEO. “We delivered significant and broad-based top-line growth, and reached a new quarterly sales record in emerging geographies. The performance of our diverse and balanced portfolio once again overcame continuing headwinds in certain sectors.
“More importantly, we remain firmly on the trajectory to reach our near-term earnings targets, as evidenced by EBITDA growth of nearly 25 percent – up in every operating segment – as well as overall margin expansion for the company. Further, our year-over-year EPS growth and our EBITDA run-rate of $9bn are approaching our near-term target.
“Our transformed portfolio, underpinned by our cost-advantaged and flexible operations, is now performing at a new level. This is fuelling higher-growth, higher-margin performance through superior market-reach, customer intimacy and innovation. We're delivering all of this while maintaining our steadfast commitment to enhance financial flexibility by paying down debt, and increasing shareholder remuneration.
“Coupled with the strength of our integrated business model, Dow is firmly on the right strategic path of sustained earnings growth.”