Dow Chemical (DOW – Analyst Report) is the biggest U.S. chemical maker by sales, offering a vast range of chemical, plastic and agricultural products and services. As the company’s products are used in almost every industry, its results put a spotlight on end market scenario and demand trends for chemical products across a bevy of industries.

Dow is leveraging its North American feedstock advantage and is investing billions of dollars for setting up crackers that produces ethylene from ethane. The company is also aggressively pursuing its productivity and growth actions as well as its cost-reduction initiatives. Moreover, Dow continues to seek opportunities to optimize its portfolio by selectively divesting underperforming assets and gradually shift focus to high-growth markets.

Let’s have a quick look at this chemical behemoth’s fourth-quarter 2015 release.

Estimate Trend & Surprise History

Investors should note that the earnings estimate for Dow for the fourth quarter has been stationary over the past week and month. Dow has beaten the Zacks Consensus Estimate in the trailing 4 quarters with an average beat of 16.41%. Investors have been eagerly awaiting Dow’s latest earnings report to see whether it continues the winning streak.

Earnings

Dow logged adjusted earnings of 93 cents per share for the fourth quarter that topped the Zacks Consensus Estimate of 70 cents. Earnings were driven by strong margins in the performance plastics business.

Revenues

Dow raked in net sales of $11,462 million, down 20% year over year, hurt by lower prices and unfavorable currency impact. That, however, beat the Zacks Consensus Estimate of $11,244 million.

Key Stats/Developments to Note

Dow said that it will remain committed to its portfolio management actions and operational execution in 2016. The company generated $7.5 billion in cash flow from operations in 2015 and returned $4.6 billion to its shareholders through dividends and share repurchases.

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