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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