On Monday, Shares of Dow Chemical Co (NYSE:DOW), lost -0.74% to $45.63.
Dow Reported Second Quarter 2015 Highlights
- Dow stated earnings per share of $0.97, or operating earnings per share of $0.91(1). This compares with earnings of $0.73 per share in the year-ago period, or earnings of $0.74 per share on an operating basis – up 23 percent as compared to the year-ago period. Results in the quarter were influenced by a $375 million pre-tax charge, or $0.21 per share, associated with the formerly declared restructuring program, costs related to portfolio and productivity actions of $0.03 per share, and the favorable impact of $0.30 per share related to the consolidation of Univation Technologies, LLC.
- Sales were $12.9 billion, down 13 percent year over year, with declines driven primarily by currency and lower oil price. Sequentially, sales grew 4 percent with gains across all geographic areas. Sales enhances were led by Greater China (up 14 percent) and the United States (up 6 percent).
- Volume rose 2 percent, or 3 percent not taking into account Hydrocarbons and Energy and divestments on a year-over-year basis led by Performance Plastics (up 9 percent). On the same basis, geographic volume growth was led by Greater China (up 9 percent), Europe (up 6 percent) and the United States (up 2 percent). Sequentially, volume grew 4 percent not taking into account Hydrocarbons and Energy and divestments, led by Greater China (up 12 percent), the United States (up 5 percent) and Latin America (up 3 percent).
- EBITDA(2) rose to $2.4 billion, or $2.5 billion on an operating basis(3) – up $210 million as compared to the year-ago period. Gains were led by Performance Plastics, Performance Materials & Chemicals and Agricultural Sciences. Performance Plastics operating EBITDA represented a new second quarter record. Overall, the Company achieved a first-half EBITDA of $5.4 billion, or a record $4.9 billion on an operating basis.
- Operating EBITDA margin(4) expanded to 19 percent, up 396 basis points as compared to the year-ago period. Gains were due to strong margins in Performance Plastics and Performance Materials & Chemicals. This represents the highest second quarter operating EBITDA margin since 2005.
- Year-to-date, cash from operations was $2.7 billion, up $700 million as compared to the same period last year. On the same basis, Dow has returned $1.5 billion to shareholders through declared dividends and share repurchases.
- The Company declared a series of execution milestones in its portfolio administration program counting: the achievement of several noteworthyregulatory clearances for the chlor-alkali and derivatives divestiture transaction; the mechanical completion and initiation of commissioning of the 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 ARYLEXTM and ISOCLASTTM actives in Europe and declared the first commercial sale of ENLIST DUOTM herbicide in the United States in the quarter.
The Dow Chemical Company manufactures and supplies products that are used primarily as raw materials in the manufacture of customer products and services worldwide. It operates through Agricultural Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals, and Performance Plastics segments.
Shares of GrubHub Inc (NYSE:GRUB), declined -8.23% to $31.01, during its last trading session.
For the first time, New Yorkers can get a taste of Smorgasburg without leaving home. Seamless, New York City’s favorite food-ordering service, has partnered with Brooklyn Flea’s Smorgasburg to bring a curated selection of the market’s menu to diners in Brooklyn and Queens. This partnership also marks the first trial of Seamless’ delivery service in New York City.
From 11 a.m. until 6 p.m. on Saturday, July 18, diners in Brooklyn and Queens can order from a curated menu of the market’s top dishes, with the option to mix and match dishes from multiple vendors. Featuring a variety of mouthwatering entrees and desserts, the menus will highlight vendors at the market’s Williamsburg and Long Island City locations.
GrubHub Inc., together with its auxiliaries, provides an online and mobile platform for restaurant pick-up and delivery orders in the United States. The company connects about 30,000 local restaurants with diners in about 800 cities.
Finally, Santander Mexico Fincl Gp SAB deCV (ADR) (NYSE:BSMX), ended its last trade with -0.81% loss, and closed at $8.60.
Grupo Financiero Santander Mexico, declared that to align its reporting date with its parent company, Banco Santander S.A., it will release its fiscal second quarter 2015 financial results before market open on Thursday, July 30, 2015, which is after the reporting deadline of July 28, 2015 established by the Mexican National Banking and Securities Commission (“CNBV”).
Grupo Financiero Santander Mexico, S.A.B. de C.V., through its auxiliaries, provides a range of financial services to individuals, private banking clients, small and medium-sized enterprises, government institutions, and corporate and institutional customers primarily in Mexico.
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