The Dow Chemical Co. (NYSE: DOW – $39.97), manufacturer and supplier of agricultural products and chemicals for use as raw materials worldwide, reported adjusted earnings of $0.50 per share, four cents below Street expectations and compared to $0.42 per share in the same quarter last year. This represents the fourth consecutive quarter of year-over-year adjusted earnings growth. Dow generated more than $1.4 billion in cash flow from operations in the quarter, representing a nearly $300 million, or 27% increase versus the year-ago period. Sales were $13.7 billion, up 2% on an adjusted basis, with growth led by Agricultural Sciences (up 8%), and Coatings & Infrastructure Solutions and Performance Plastics (each up 6%). Sales also increased in most geographic areas, with emerging markets delivering sales growth of 5%, led by Latin America. The company went on to say that it is looking to raise $3 to $4 billion from asset sales as it continues to shed under performing businesses to concentrate on high-performance chemicals, plastics and agriculture. Although the bottom-line and sales figures were somewhat disappointing to Wall Street, looking further out Dow continues to have worthwhile total return potential to late decade. The shares, up 44% over the past twelve months, yield a well-covered dividend rate of 3.1% and can continue to be held in aggressive accounts.