Indianapolis-based Dow AgroSciences is reporting a profit of $5 million in the third quarter, compared to $18 million in the same period one year ago. Even though quarterly sales were flat, the agricultural sciences unit of The Dow Chemical Co. (NYSE: DOW) is touting record year-to-date sales. October 22, 2014
INDIANAPOLIS, Ind. – Earlier this morning, Oct. 22, 2014, The Dow Chemical Company, parent company of Dow AgroSciences, announced its third quarter (Q3) 2014 earnings. Below you will see information on Dow AgroSciences (referred to as Agricultural Sciences). The entire Dow earnings release can be found here: http://www.dow.com/investors/earnings/2014/14q3earn.htm
Agricultural Sciences reported third quarter sales of $1.4 billion, flat versus the year-ago period. On a year-to-date basis, the segment reported record sales of $5.4 billion.
Crop Protection sales declined 1 percent versus the same quarter last year, due to softening market conditions in North America. Year to date, sales of new crop protection products were up 18 percent, led by Isoclast active insecticide.
Seeds delivered 5 percent sales gains versus the year-ago period, representing a record third quarter, led by soybeans and sunflower growth in North America and Latin America.
Equity earnings for the segment were $1 million. This compares with $3 million in the year-ago period. The segment reported EBITDA of $5 million, down from $18 million in the same quarter last year. Third quarter EBITDA margins reflect the impact of softer market conditions in a seasonally weak quarter weighing down Crop Protection results, coupled with increased spending on growth initiatives.
Source: Dow AgroSciences