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Seek Together ™ Dow reports second quarter 2021 results ● FINANCIAL HIGHLIGHTS GAAP earnings per share ( EPS ) was $ 2.51 ; Operating EPS¹ was $ 2.72 , compared to a loss per share of $ 0.26 in the year - ago period and an increase of $ 1.36 versus the prior quarter . Operating EPS excludes certain items in the quarter , totaling $ 0.21 per share , primarily related to an early extinguishment of debt and digitalization program expenses . ● ● Dow ● ● Net sales were $ 13.9 billion , up 66 % versus the year - ago period and 17 % sequentially , with gains in all operating segments , businesses and regions . Local price increased 53 % versus the year - ago period and 16 % sequentially , reflecting gains in all operating segments , businesses and regions , driven by tight supply and demand fundamentals across key value chains . Volume increased 9 % versus the year - ago period , with gains in all operating segments , led by polyurethane and silicones applications on demand recovery from the impact of the pandemic . Sequentially , volume increased 1 % as demand gains in infrastructure , industrial and personal care end markets were partly offset by lingering supply constraints from the impact of Winter Storm Uri on the U.S. Gulf Coast . Equity earnings were $ 278 million , up $ 373 million compared to the year - ago period , primarily driven by margin expansion in polyurethanes and polyethylene at the Sadara and Kuwait joint ventures . Equity earnings were up $ 54 million compared to the prior quarter , primarily driven by the Thai joint ventures . GAAP Net Income was $ 1.9 billion . Operating EBIT¹ was up $ 2.8 billion from the year - ago period , with increases in all operating segments and businesses . The gains reflected margin expansion and improved equity earnings due to tight supply and increased demand across key chains . Sequentially , operating EBIT was up $ 1.3 billion , with increases in every operating segment and business . Cash provided by operating activities - continuing operations was $ 2 billion , up $ 422 million versus the year ago period and an increase of $ 2.2 billion compared to the prior quarter . Free cash flow¹ was $ 1.7 billion . July 22 , 2021 Dow reduced gross debt by $ 1.1 billion in the quarter . The Company's proactive liability management actions to redeem existing notes maturing in 2024 have resulted in no substantive long - term debt maturities due until the end of 2025 and a reduction in annual interest expense by $ 35 million . Returns to shareholders totaled $ 722 million in the quarter , comprised of $ 522 million in dividends and $ 200 million in share repurchases . SUMMARY FINANCIAL RESULTS In millions , except per share amounts Net Sales GAAP Income , Net of Tax Operating EBIT¹ Operating EBIT Margin¹ Operating EBITDA¹ GAAP Earnings Per Share Operating Earnings Per Share¹ Cash Provided by ( Used for ) Operating Activities - Cont . Ops Three Months Ended June 30 vs. SQLY [ B / ( W ) ] $ 5,531 $ 2,149 $ 2,771 2Q21 2Q20 $ 13,885 $ 8,354 $ 1,932 $ ( 217 ) $ 2,828 $ 57 20.4 % 0.7 % 1,970 bps $ 3,573 $ 757 $ 2.51 $ ( 0.31 ) $ 2.72 $ ( 0.26 ) $ 2,021 $ 1,599 $ 2,816 $ 2.82 $ 2.98 $ 422 Three Months Ended March 31 vs. PQ [ B / ( W ) ] $ 2,003 $ 926 $ 1,274 730 bps $ 1,302 $ 1.19 $ 1.36 $ 2,249 1Q21 $ 11,882 $ 1,006 $ 1,554 13.1 % $ 2,271 $ 1.32 $ 1.36 $ ( 228 ) 1. Op . Earnings Per Share , Op . EBIT , Op . EBIT Margin , Op . EBITDA , Free Cash Flow and Cash Flow Conversion are non - GAAP measures . See page 6 for further discussion . 1 ⓇTM Trademark of The Dow Chemical Company ( " Dow " ) or an affiliated company of Dow