The financial highlights of the first quarter include:

• GAAP earnings per share was $0.73; operating earnings per share (EPS) was $0.56, compared to $0.58 in the year-ago period and $0.43 in the prior quarter. Operating EPS excludes significant items in the quarter, including income tax-related items and restructuring and efficiency costs, totaling $0.17 per share.
• Net sales were $10.8 billion, down 9% versus the year-ago period. Sales were up 1% sequentially, driven by gains in Performance Materials & Coatings and Industrial Intermediates & Infrastructure.
• Volume increased 1% versus the year-ago period, with gains in all regions except Europe, the Middle East, Africa and India (EMEAI). Excluding Hydrocarbons & Energy, volume increased 5% year-over-year. Sequentially, volume increased 1%, led by Performance Materials & Coatings. Excluding Hydrocarbons & Energy, volume increased 3% sequentially.
• Local price decreased 10% year-over-year. Sequentially, local price was flat, as modest gains in EMEAI were offset by slight declines in Asia Pacific and the U.S. & Canada.
• Currency was flat both year-over-year and sequentially.
• Equity earnings were $17 million, a $65 million improvement compared to the year-ago period and up $24 million sequentially, reflecting improvements in all of the Company's principal joint ventures.
• GAAP net income was $538 million. Operating EBIT¹ was $674 million, down $34 million year-over-year, driven by lower prices. Sequentially, Op. EBIT was up $115 million, reflecting gains in Performance Materials & Coatings and Industrial Intermediates & Infrastructure.
• Cash provided by operating activities – continuing operations was $460 million, down $71 million year-over-year and down $1.2 billion compared to the prior quarter due to a normal seasonal increase in working capital, as sales progressively increased during the quarter.
• Returns to shareholders totaled $693 million in the quarter, including $493 million in dividends and $200 million in share repurchases.

Jim Fitterling, Chair and Chief Executive Officer, commented on the quarter:

"In the first quarter, we captured improving demand, maintained pricing and benefited from lower feedstock and energy costs. The strength of our cost-advantaged positions around the world led to higher operating rates. As a result, Team Dow delivered volume growth and margin expansion sequentially across our diverse portfolio. We also delivered on our capital allocation priorities, including returning $693 million in cash to shareholders during the quarter."

"Dow once again delivered top-quartile performance in our annual benchmarking on three-year average cash flow, margins, return on invested capital and shareholder remuneration. Each of these can be attributed to our consistent operating and financial discipline."