First Quarter 2015 Highlights

• Dow reported earnings per share of $1.18 or operating earnings of $0.84(1) per share. This compares with earnings of $0.79 per share on both a reported and an operating basis in the year-ago period.
• EBITDA(2) for the quarter was $3.1 billion. Operating EBITDA(3) was $2.4 billion, with gains reported in Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals, as well as Performance Plastics. Operating EBITDA increases were led by Consumer Solutions and Infrastructure Solutions (both up 10 percent).
• Operating EBITDA margin(4) expanded to the highest levels since 2005, up 284 basis points versus the year-ago period, with increases across most operating segments. Margin expansion was driven by high-value, differentiated products in Performance Plastics (up 558 basis points), Infrastructure Solutions (up 297 basis points) and Consumer Solutions (up 269 basis points).
• Sales were $12.4 billion, down 14 percent driven primarily by price declines, due to changes in crude oil values and currency devaluations versus the dollar. Demand for Dow products grew across all geographic regions(5). Volume increased in Performance Plastics (up 6 percent), and Performance Materials & Chemicals and Consumer Solutions (both up 5 percent). Overall, growth was led by emerging geographies (up 5 percent), with particular strength in Greater China (up 10 percent).
• Operating cash flow was $1.2 billion – a first quarter record and an increase of more than $660 million versus the same quarter last year.
• Dow announced the signing of a definitive agreement to divest a substantial portion of its chlorine value chain through a transaction with Olin Corporation for a tax-efficient consideration of $5 billion, and taxable equivalent value of $8 billion(6) – equivalent to a 12.5x EBITDA multiple.
• Additional, ongoing portfolio management in the quarter included the sale of the ANGUS Chemical Company and Sodium Borohydride businesses, generating $688 million in pre-tax gains.
• Dow continued to drive shareholder remuneration actions, returning $977 million to shareholders in the quarter through declared dividends and repurchases. 

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