Dow Chemicals has reported its financial results for the first quarter of 2014, which reveal that it beat earnings estimates on the back of an expansion in key businesses’ margins The Dow Chemical Company (DOW), the largest American chemical company by revenues, has reported its performance results for the first quarter of its 2014 fiscal year (1QFY14; ended March 31, 2014). The company has posted earnings of 79 cents a share, which top analyst estimates by eight cents. The earnings beat comes even though Dow Chemical’s topline has missed revenue estimates by $260 million. The company has reported sales of $14.46 billion for the quarter. Revenues in the quarter reported were up almost 1% year-over-year (YoY) on the back of higher prices and stronger volumes of products sold under its Coatings and Infrastructure Solutions businesses. The company’s stronger-than-expected earnings came on the back of an expansion in key businesses’ operating margins. Adjusted earnings, too, were up by around 15% over last year’s quarter to 70 cents per share. Dow Chemical’s gross margin expanded 30 basis points to 18.1% in 1QFY14 on lower costs of sales, while its adjusted EBITDA margin expanded 60 basis points YoY to 16.6%. Cash flows from operations swelled almost 30% YoY.