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Share Name | Share Symbol | Market | Type |
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Dow Inc | NYSE:DOW | NYSE | Common Stock |
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The Dow Chemical Company (NYSE: DOW):
First Quarter 2017 Highlights
Comment
Andrew Liveris, Dow’s chairman and chief executive officer, stated:
“This quarter we delivered an all-time record in operating EBITDA. Our results underscore the strength of Dow’s portfolio and the levers we have in place to maintain agility in a rapidly changing business environment. Simply put, Dow’s business model – underpinned by our industry-leading integration and world-class innovation – showed once again its ability to deliver under all conditions.
“Dow’s operational and financial results reflect the strength of our broad geographic footprint, robust consumer-driven demand aligned with our core material science markets and a focused productivity agenda. Our disciplined execution against our strategy continues to deliver a fundamental shift in our growth trajectory. We have now extended our streak of year-over-year operating EPS growth to 18 consecutive quarters and achieved 14 consecutive quarters of year-over-year volume gains.
“Equally important, we have delivered all of this while in parallel making significant progress on our long-term strategic growth drivers. We advanced our U.S. Gulf Coast projects with the completion of the Texas cracker, which will be the first world-scale ethylene unit to start up on the U.S. Gulf Coast, considerably ahead of our competition. And Sadara, the largest chemical complex ever built in a single phase, has 16 of its 26 production units in operating or startup mode.
“We have also announced that we have completed the two-year cost synergy program of our Dow Corning integration in 10 months, as well as setting in motion many revenue synergy programs in our core markets. This over-achievement exemplifies Dow’s strong project management skills in delivering synergies and bodes positively for our DowDuPont merger. Additionally, receiving conditional clearance for the merger from the European Commission in the quarter marked a significant milestone and, together with the August closing date and the announcement that the Materials Science Company will be the first to spin, marked huge progress for this game-changing deal.
“The Dow team’s ability to deliver on these multiple fronts is a clear proof point that we are now positioned better than ever to deliver innovative products for our customers, economic expansion for our communities, and earnings and cash flow growth for our shareholders.”
Three Months Ended Mar 31, Mar 31,In millions, except per share amounts
2017 2016 Net Sales $13,230 $10,703 Adjusted Sales(4) $11,942 $10,703 Net Income Available for Common Stockholders $888 $169 Net Income Available for Common Stockholders,Excluding Certain Items
$1,274 $993 Earnings per Common Share – Diluted $0.72 $0.15 Operating Earnings per Share $1.04 $0.89Agricultural Sciences
Agricultural Sciences reported first quarter sales of $1.6 billion, down 5 percent versus the year-ago period driven by a volume decline of 5 percent.
Crop Protection volume declined despite higher demand for insecticides in most geographic areas and continued adoption of Arylex™ broadleaf herbicide. These gains were more than offset by reduced demand primarily for herbicides and insecticides in Asia Pacific, driven by lower demand for rice herbicides in China where flooding during last year’s season led to high channel inventories that continued into this year. Seed volumes declined primarily due to lower demand for corn seeds in North America on projected reduced acreage and lower demand for sunflower seed in EMEAI and Latin America. These factors were mostly offset by volume gains in corn in Latin America and in cotton in the United States, reflecting the successful launch of ENLIST™ cotton and early grower adoption.
Operating EBITDA was $351 million, down from $403 million in the year-ago period as a higher contribution from the Seeds business, driven by demand for ENLIST™ cotton and growth in corn in Latin America, was more than offset by lower volume in Crop Protection, particularly in Asia Pacific.
Equity losses for the segment were $1 million, compared to equity earnings of $7 million in the year-ago period.
Consumer Solutions
Consumer Solutions reported first quarter sales of $1.6 billion, up from $1.1 billion in the year-ago period, with gains in all businesses. The sales increase was driven by the contribution of Consumer Solutions – Silicones and broad-based geographic volume growth, which more than offset a modest price decline in the segment. Volume increased 53 percent, driven by the addition of Consumer Solutions – Silicones.
Excluding acquisitions, segment volume grew 8 percent, with gains in all businesses and double-digit growth in Asia Pacific and Latin America. Dow Automotive Systems achieved double-digit volume gains, continuing its trend of growing above the global automotive end-market. The business’s growth was driven by further adoption of its light weighting technologies that improve fuel efficiency, as well as its broad geographic reach, with notable growth in Greater China, Mexico, Brazil and EMEAI. Consumer Care delivered volume gains on robust demand for personal hygiene applications. The business achieved growth in all geographic areas except EMEAI, which reflected the sale of SAFECHEM™ in the fourth quarter of 2016. Dow Electronic Materials continued its above-market volume growth trend, delivering increases in most geographic areas, led by strong demand in semiconductor and printed circuit board applications. Growth was also driven by new business wins across the portfolio, including chemical mechanical planarization (CMP) polishing pads, lithography and organic light emitting diode (OLED) technologies.
Operating EBITDA rose to a first quarter record of $500 million, the seventh consecutive quarter of year-over-year growth, up from $310 million in the year-ago period. The increase in operating EBITDA reflected the contribution from Consumer Solutions – Silicones, new commercial wins and market share gains.
Equity earnings for the segment were $40 million, up from $20 million in the year-ago period, reflecting a higher contribution from Dow’s share of settlements of long-term polysilicon sales agreements at the HSC Group.
Infrastructure Solutions
Infrastructure Solutions reported first quarter sales of $2.5 billion, up from $1.6 billion in the year-ago period. Gains were driven by the addition of Infrastructure Solutions – Silicones, broad-based geographic volume growth and a modest increase in price, up 2 percent. Volume increased 56 percent, primarily due to the addition of Infrastructure Solutions – Silicones.
Excluding acquisitions, volume grew 5 percent with gains in all businesses. Dow Building & Construction delivered strong volume growth driven by STYROFOAM™ insulation, methyl cellulosics in construction applications and continued adoption of BLUEDGE™ polymeric flame retardant technology. The Energy & Water Solutions business’s volume growth was led by double-digit gains in North America on a resurgence of demand in the oil and gas exploration market sector. Dow Coating Materials volume increased, driven by gains in Asia Pacific for architectural coatings. Performance Monomers reported strong volume increase, driven by merchant sales of methacrylates and vinyl acetate monomers (VAM).
Operating EBITDA increased to $511 million, up significantly from $293 million in the year-ago period. The increase reflects the contribution of Infrastructure Solutions – Silicones, improved industry fundamentals in Performance Monomers, particularly for methacrylates, and a benefit from integrated on-purpose propylene production. These improvements were partly offset by margin compression, as pricing initiatives lagged the raw material cost increases.
Equity earnings for the segment were $55 million, compared to $51 million in the year-ago period.
Performance Materials & Chemicals
Performance Materials & Chemicals reported first quarter sales of $2.4 billion, up from $2.2 billion in the year-ago period, with gains across all businesses.
The segment reported volume growth of 7 percent with gains in all geographic areas and businesses. Polyurethanes sales volume grew due to continued robust demand for downstream, higher-margin systems applications and double-digit gains in MDI, where short-term industry fundamentals remained tight. Industrial Solutions demand rose in all geographic areas except North America, which was flat, led by a double-digit gain in Asia Pacific, behind strength in ethanolamines, glycol ethers and growth in high-value applications for textiles, lubricants and electronics. Chlor-Alkali and Vinyl volume increased on steady demand in vinyl chloride monomer and caustic soda in EMEAI.
Operating EBITDA was $435 million, up from $335 million in the year-ago period, primarily driven by improved equity earnings. The impact of higher raw material costs in all businesses year-over-year was mostly offset by demand and pricing momentum, as well as the benefit of integrated on-purpose propylene production.
Equity earnings for the segment were $73 million, an improvement versus a loss of $31 million in the same quarter last year, on higher earnings from the Kuwait joint ventures, primarily due to improved monoethylene glycol pricing.
Performance Plastics
Performance Plastics reported first quarter sales of $5.0 billion, up from $4.2 billion in the year-ago period, with gains in all businesses except Dow Electrical and Telecommunications, which was flat. Sales rose in all geographic areas except Latin America, which was flat. Pricing increased 15 percent, with gains in all geographic areas.
The segment reported volume growth of 5 percent. Dow Packaging and Specialty Plastics achieved a first quarter sales volume record, driven by the continued adoption of innovations targeting the industrial and consumer packaging end-markets, as well as share gains in food and specialty packaging applications. The business reported notable demand gains in emerging geographies, including Eastern Europe, India and Greater China. Dow Elastomers also achieved a first quarter sales volume record, led by double-digit demand growth in applications for consumer packaging and high performance athletic footwear end-markets. The business also reported continued strength in demand for transportation applications, aligned with trends toward light weighting. Dow Electrical and Telecommunications volume declined as the business ramped its asset in Texas to full operations throughout the quarter following significant planned maintenance activity in the previous quarter.
Operating EBITDA for the segment was $984 million, essentially flat with $991 million in the year-ago period, as trends in the quarter followed the Company’s previously stated modeling guidance. Pricing momentum and volume gains in most businesses were offset by increased feedstock and energy costs, planned maintenance activity and commissioning costs associated with the new ethylene unit and derivative facilities.
Equity earnings for the segment were $33 million, up from a loss of $1 million in the same quarter last year. This increase was primarily due to higher contributions from the Kuwait joint ventures, which more than offset planned maintenance activity at Sadara’s mixed feed cracker.
Outlook
Commenting on the Company’s outlook, Liveris said:
“The global economy is showing signs of positive momentum, with excellent leading indicators across much of the world – though geopolitical risks and volatility will persist. The strength and resilience of our portfolio, combined with our consumer-led market focus, will continue to serve us well in this environment.
“The United States remains a bright spot, driven by solid consumer demand and a resurgent manufacturing sector, especially with the pro-business investment policies from the new administration. Europe continues its gradual recovery, and we are encouraged by the return of growth signals aligned to our market focus – notably in infrastructure, automotive and packaging. In Latin America, we see early signs of gradual improvements in consumer-led markets and robust growth in the agriculture sector, with most economies showing strength, except for Brazil, which remains in a recessionary mode. And finally, China’s transition to a consumption economy focused on domestic growth is progressing on a stable path, with strong growth drivers especially for Dow’s products, and the rise of the middle class across developing Asia continues to drive strong demand in the region, particularly in Southeast Asia.
“With this view in mind, Dow is well positioned with the right strategy and portfolio for continued success in these market conditions. Dow’s exceptional performance over these last four and a half years will continue, based on our relentless and disciplined focus, delivering consistent earnings growth. This unique ability to deliver in both the short- and long-term for our shareholders – balancing all value growth levers – has created a mindset that will serve us well as we drive toward the close of the DowDuPont transaction and the intended spins.”
Dow will host a live webcast of its first quarter earnings conference call with investors to discuss its results, business outlook and other matters today at 9:00 a.m. ET on www.dow.com.
(1) Operating earnings per share is defined as earnings per share excluding the impact of “Certain Items.” See Supplemental Information at the end of the release for a description of these items, as well as a reconciliation of ‘Operating earnings per common share – diluted” to “Earnings per common share – diluted.” (2) EBITDA is defined as earnings (i.e., “Net Income (Loss)”) before interest, income taxes, depreciation and amortization. A reconciliation of EBITDA to "Net Income (Loss) Available for The Dow Chemical Company Common Stockholders" is provided following the Operating Segments table. Operating EBITDA is defined as EBITDA excluding the impact of “Certain Items.” (3) Prior year cash flow changed due to implementation of Accounting Standards Update 2016-09 and applied retroactively. (4) “Adjusted Sales” is defined as “Net Sales” adjusted for divestitures and acquisitions. ™Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow.About Dow
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from material, polymer, chemical and biological science to help address many of the world's most challenging problems, such as the need for fresh food, safer and more sustainable transportation, clean water, energy efficiency, more durable infrastructure, and increasing agricultural productivity. Dow's integrated, market-driven portfolio delivers a broad range of technology-based products and solutions to customers in 175 countries and in high-growth sectors such as packaging, infrastructure, transportation, consumer care, electronics, and agriculture. In 2016, Dow had annual sales of $48 billion and employed approximately 56,000 people worldwide. The Company's more than 7,000 product families are manufactured at 189 sites in 34 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
Use of non-GAAP measures: Dow’s management believes that measures of income excluding certain items (“non-GAAP” measures) provide relevant and meaningful information to investors about the ongoing operating results of the Company. Such measurements are not recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and should not be viewed as an alternative to GAAP measures of performance. Reconciliations of non-GAAP measures to GAAP measures are provided in the Supplemental Information tables.
Note: The forward looking statements contained in this document involve risks and uncertainties that may affect Dow’s operations, markets, products, services, prices and other factors as discussed in filings with the Securities and Exchange Commission (“SEC”). These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. Accordingly, there is no assurance that Dow’s expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
Financial Statements (Note A) The Dow Chemical Company and Subsidiaries Consolidated Statements of Income Three Months EndedMar 31,
Mar 31,
In millions, except per share amounts (Unaudited)2017
2016
Net Sales $ 13,230 $ 10,703 Cost of sales (Note B) 10,197 7,951 Research and development expenses 416 361 Selling, general and administrative expenses (Note C) 867 742 Amortization of intangibles 155 103 Restructuring credits (1 ) (2 ) Equity in earnings of nonconsolidated affiliates 196 39 Sundry income (expense) - net (Note D) (470 ) (1,241 ) Interest income 25 20 Interest expense and amortization of debt discount 219 201 Income Before Income Taxes 1,128 165 Provision (Credit) for income taxes 213 (110 ) Net Income 915 275 Net income attributable to noncontrolling interests 27 21 Net Income Attributable to The Dow Chemical Company 888 254 Preferred stock dividends — 85 Net Income Available for The Dow Chemical Company Common Stockholders $ 888 $ 169 Per Common Share Data: Earnings per common share - basic $ 0.74 $ 0.15 Earnings per common share - diluted $ 0.72 $ 0.15 Dividends declared per share of common stock $ 0.46 $ 0.46 Weighted-average common shares outstanding - basic 1,202.5 1,102.9 Weighted-average common shares outstanding - diluted 1,222.1 1,117.3 Depreciation $ 578 $ 456 Capital Expenditures $ 754 $ 820Notes to the Consolidated Financial Statements:
Note A: The unaudited interim consolidated financial statements reflect all adjustments which, in the opinion of management, are considered necessary for a fair presentation of the results for the periods covered. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. Except as otherwise indicated by the context, the terms "Company" and "Dow" as used herein mean The Dow Chemical Company and its consolidated subsidiaries.
Note B: In the first quarter of 2017, the Company recognized pretax charges of $23 million for costs associated with transactions and productivity actions ($23 million in the first quarter of 2016).
Note C: In the first quarter of 2017, the Company recognized pretax charges of $112 million for costs associated with transactions and productivity actions ($42 million in the first quarter of 2016).
Note D: In the first quarter of 2017, the Company recognized a pretax charge of $469 million related to the Bayer CropScience arbitration matter. In the first quarter of 2016, the Company recognized a pretax loss of $1,235 million related to the settlement of the urethane matters class action lawsuit and opt-out cases.
The Dow Chemical Company and Subsidiaries Consolidated Balance SheetsMar 31,
Dec 31,
In millions (Unaudited)2017
2016
Assets Current Assets Cash and cash equivalents (variable interest entities restricted - 2017: $99; 2016: $75) $ 5,848 $ 6,607 Accounts and notes receivable: Trade (net of allowance for doubtful receivables - 2017: $111; 2016: $110) 4,991 4,666 Other 4,719 4,358 Inventories 8,210 7,363 Other current assets 872 665 Total current assets 24,640 23,659 Investments Investment in nonconsolidated affiliates 3,625 3,747 Other investments (investments carried at fair value - 2017: $2,010; 2016: $1,959) 3,001 2,969 Noncurrent receivables 841 708 Total investments 7,467 7,424 Property Property 58,359 57,438 Less accumulated depreciation 34,591 33,952 Net property (variable interest entities restricted - 2017: $960; 2016: $961) 23,768 23,486 Other Assets Goodwill 15,334 15,272 Other intangible assets (net of accumulated amortization - 2017: $4,508; 2016: $4,295) 5,928 6,026 Deferred income tax assets 3,116 3,079 Deferred charges and other assets 575 565 Total other assets 24,953 24,942 Total Assets $ 80,828 $ 79,511 Liabilities and Equity Current Liabilities Notes payable $ 383 $ 272 Long-term debt due within one year 616 635 Accounts payable: Trade 4,810 4,519 Other 2,549 2,401 Income taxes payable 409 600 Dividends payable 558 508 Accrued and other current liabilities 3,868 3,669 Total current liabilities 13,193 12,604 Long-Term Debt (variable interest entities nonrecourse - 2017: $364; 2016: $330) 20,471 20,456 Other Noncurrent Liabilities Deferred income tax liabilities 934 923 Pension and other postretirement benefits - noncurrent 11,126 11,375 Asbestos-related liabilities - noncurrent 1,337 1,364 Other noncurrent obligations 5,433 5,560 Total other noncurrent liabilities 18,830 19,222 Stockholders’ Equity Common stock 3,107 3,107 Additional paid-in capital 4,137 4,262 Retained earnings 30,659 30,338 Accumulated other comprehensive loss (9,514 ) (9,822 ) Unearned ESOP shares (203 ) (239 ) Treasury stock at cost (1,126 ) (1,659 ) The Dow Chemical Company’s stockholders’ equity 27,060 25,987 Noncontrolling interests 1,274 1,242 Total equity 28,334 27,229 Total Liabilities and Equity $ 80,828 $ 79,511See Notes to the Consolidated Financial Statements.
The Dow Chemical Company and Subsidiaries Operating Segments Three Months EndedMar 31,
Mar 31,
In millions (Unaudited)2017
2016
Sales by segment Agricultural Sciences $ 1,568 $ 1,646 Consumer Solutions 1,599 1,054 Infrastructure Solutions 2,525 1,594 Performance Materials & Chemicals 2,442 2,181 Performance Plastics 5,025 4,165 Corporate 71 63 Total $ 13,230 $ 10,703 EBITDA by segment Agricultural Sciences $ (118 ) $ 403 Consumer Solutions 500 310 Infrastructure Solutions 511 293 Performance Materials & Chemicals 435 (900 ) Performance Plastics 984 991 Corporate (212 ) (144 ) Total $ 2,100 $ 953 Certain items impacting EBITDA by segment (1) Agricultural Sciences $ (469 ) $ — Consumer Solutions — — Infrastructure Solutions — — Performance Materials & Chemicals — (1,235 ) Performance Plastics — — Corporate (135 ) (65 ) Total $ (604 ) $ (1,300 ) Operating EBITDA by segment (2) Agricultural Sciences $ 351 $ 403 Consumer Solutions 500 310 Infrastructure Solutions 511 293 Performance Materials & Chemicals 435 335 Performance Plastics 984 991 Corporate (77 ) (79 ) Total $ 2,704 $ 2,253Continued
The Dow Chemical Company and Subsidiaries Operating Segments (Continued) Three Months EndedMar 31,
Mar 31,
In millions (Unaudited)2017
2016
Equity in earnings (losses) of nonconsolidated affiliates by segment (included in EBITDA) Agricultural Sciences $ (1 ) $ 7 Consumer Solutions 40 20 Infrastructure Solutions 55 51 Performance Materials & Chemicals 73 (31 ) Performance Plastics 33 (1 ) Corporate (4 ) (7 ) Total $ 196 $ 39 (1) See Supplemental Information for a description of certain items affecting results in 2017 and 2016. (2) The Company uses Operating EBITDA as its measure of profit/loss for segment reporting purposes. The Company defines Operating EBITDA as EBITDA (which Dow defines as earnings (i.e., "Net Income") before interest, income taxes, depreciation and amortization) excluding the impact of certain items. Operating EBITDA by segment includes all operating items relating to the businesses, except depreciation and amortization; items that principally apply to the Company as a whole are assigned to Corporate. A reconciliation of "Net Income Available for The Dow Chemical Company Common Stockholders" to Operating EBITDA is provided below. Reconciliation of "Net Income Available for The Dow Chemical Company Common Stockholders" to Operating EBITDA Three Months EndedMar 31,
Mar 31,
In millions (Unaudited)2017
2016
Net Income Available for The Dow Chemical Company Common Stockholders $ 888 $ 169 + Preferred stock dividends — 85 + Net income attributable to noncontrolling interests 27 21 + Provision (Credit) for income taxes 213 (110 ) Income Before Income Taxes $ 1,128 $ 165 + Interest expense and amortization of debt discount 219 201 - Interest income 25 20 + Depreciation and amortization 778 607 EBITDA $ 2,100 $ 953 - Certain items (604 ) (1,300 ) Operating EBITDA $ 2,704 $ 2,253Sales by Geographic Area
Three Months EndedMar 31,
Mar 31,
In millions (Unaudited)2017
2016
North America $ 5,238 $ 4,169 Europe, Middle East, Africa and India 4,241 3,524 Asia Pacific 2,415 1,792 Latin America 1,336 1,218 Total $ 13,230 $ 10,703 The Dow Chemical Company and Subsidiaries Sales Volume and Price by Segment and Geographic Area Three Months Ended Mar 31, 2017 Percentage change from prior year Volume Price Total Agricultural Sciences (5 )% — % (5 )% Consumer Solutions 53 (1 ) 52 Infrastructure Solutions 56 2 58 Performance Materials & Chemicals 7 5 12 Performance Plastics 5 15 20 Total 16 % 7 % 23 % North America 16 % 10 % 26 % Europe, Middle East, Africa and India 12 8 20 Asia Pacific 32 3 35 Latin America 7 3 10 Developed geographies 15 % 10 % 25 % Emerging geographies (1) 18 3 21 Sales Volume and Price by Segment and Geographic Area,Excluding Acquisitions(2)
Three Months Ended Mar 31, 2017 Percentage change from prior year Volume Price Total Agricultural Sciences (5 )% — % (5 )% Consumer Solutions 8 (1 ) 7 Infrastructure Solutions 5 2 7 Performance Materials & Chemicals 7 5 12 Performance Plastics 5 15 20 Total 4 % 7 % 11 % North America 5 % 10 % 15 % Europe, Middle East, Africa and India 3 8 11 Asia Pacific 6 3 9 Latin America 1 3 4 Developed geographies 4 % 10 % 14 % Emerging geographies (1) 4 3 7 (1) Emerging geographies includes Eastern Europe, Middle East, Africa, India, Latin America and Asia Pacific excluding Australia, Japan and New Zealand. (2) Excludes current period sales related to the ownership restructure of Dow Corning announced on June 1, 2016 (Consumer Solutions and Infrastructure Solutions). Supplemental Information Description of Certain Items Affecting ResultsThe following table summarizes the impact of certain items recorded in the three-month periods ended March 31, 2017 and March 31, 2016:
Certain Items Impacting Results Pretax Impact (1) Net Income (2) EPS - Diluted (3) Three Months Ended Three Months Ended Three Months Ended In millions, except per share amounts (Unaudited) Mar 31, 2017 Mar 31, 2016 Mar 31, 2017 Mar 31, 2016 Mar 31, 2017 Mar 31, 2016 Reported U.S. GAAP Amounts $ 888 $ 169 $ 0.72 $ 0.15 - Certain items: Bayer CropScience arbitration matter $ (469 ) $ — (295 ) — (0.24 ) — Urethane matters legal settlements — (1,235 ) — (778 ) — (0.70 ) Costs associated with transactions and productivity actions (135 ) (65 ) (91 ) (46 ) (0.08 ) (0.04 ) Total certain items $ (604 ) $ (1,300 ) $ (386 ) $ (824 ) $ (0.32 ) $ (0.74 ) = Operating Results (Non-GAAP) $ 1,274 $ 993 $ 1.04 $ 0.89 (1) Impact on "Income Before Income Taxes." (2) "Net Income Available for The Dow Chemical Company Common Stockholders." (3) "Earnings per common share - diluted."Results in the first quarter of 2017 were impacted by the following items:
Results in the first quarter of 2016 were impacted by the following items:
View source version on businesswire.com: http://www.businesswire.com/news/home/20170427005744/en/
The Dow Chemical CompanyKyle Bandlow+1 989 638 2417kbandlow@dow.com
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