The Dow Chemical Company (NYSE:DOW) Q2 2017 Earnings Conference Call - Final Transcript

Jul 27, 2017 • 09:00 am ET


The Dow Chemical Company (NYSE:DOW) Q2 2017 Earnings Conference Call - Final Transcript


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Good day and welcome to The Dow Chemical Company Second Quarter 2017 Earnings Call. [Operator Instructions] I would now like to turn the call over to Mr. Neal Sheorey. Please go ahead, sir.

Neal Sheorey

Thank you and good morning. Welcome to The Dow Chemical Company's second quarter earnings conference call. I am Neal Sheorey, Vice President of Investor Relations. As usual, we are making this call available to investors and the media via webcast. This call is the property of The Dow Chemical Company. Any redistribution, retransmission or rebroadcast of this call in any form without Dow's express written consent is strictly prohibited.

On the call with me today are Andrew Liveris, Dow's Chairman and Chief Executive Officer, Howard Ungerleider, Vice Chairman and Chief Financial Officer, and Jim Fitterling, President and Chief Operating Officer. We have prepared slides to supplement our comments in this conference call. These slides are posted on our Investor Relations financial reporting page. You can also access the slides through the link to our webcast.

I would like to direct your attention to the forward-looking statement disclaimer contained in both the press release and in the slides. In summary, it says that statements in the press release, the presentation and on this conference call that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions under federal securities laws. Forward-looking statements are based on current expectations and assumptions that are subject to risk and uncertainties which may cause actual results to differ materially from the forward-looking statements.

A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled Risk Factors in our most current annual report on Form 10-K. In addition, some of our comments reference non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and on our website.

Unless otherwise specified, all comparisons presented today will be on a year-over-year basis. Sales comparisons exclude divestitures and acquisitions. EBITDA, EBITDA margins and earnings comparisons exclude certain items. I will now turn the call over to Andrew.

Andrew Liveris

Thank you, Neal and good morning. If you could look at Slide 3. Our results in the second quarter further extended Dow's unparalleled track record of performance. The strategy we put in place more than a decade ago continues to prove its ability to deliver short and long-term sustainable shareholder value under all business conditions. Here are some highlights from the quarter. 19 consecutive quarters of EPS growth, nearly 5 years, only 2 other companies in the Fortune 100 can claim such a consistent track record of bottom line growth and no other company in our industry. 15 consecutive quarters of volume growth -- nearly 4 years.

Our third consecutive quarter of all-time record EBITDA. And broad-based top line growth, as sales grew in every segment and in