Indianapolis-based Dow AgroSciences LLC is reporting a lower profit, but record sales for the second quarter, compared to the same period a year earlier. The unit of the Dow Chemical Co. (NYSE: DOW) says the sales figures have received a boost from crop protection products. July 26, 2013
From This Week's Dow Chemical Co. Earnings Release
Agricultural Sciences reported record second quarter sales of nearly $1.9 billion, up 10 percent versus the year ago period. Volume increased 9 percent and price rose 1 percent. Volume gains were achieved in all geographic areas led by Latin America. Second quarter sales of Crop Protection rose 12 percent, with increases in all geographic areas. Latin America posted the largest gains, driven by higher sales of herbicides and insecticides. Sales of new crop protection products grew 14 percent for the quarter. Seeds, Traits and Oils (ST&O) sales were up 4 percent in the quarter versus the year-ago period. Year-to-date, ST&O sales are up 23 percent, driven by strong farmer demand for SmartStax(r) corn hybrids. EBITDA for the segment was $290 million, down from last year's record second quarter EBITDA of $307 million, reflecting a shift in seasonal buying patterns and increased growth investments. Agricultural Sciences achieved a new first half EBITDA record of $774 million.
Source: Dow AgroSciences LLC