Indianapolis-based Dow AgroSciences is reporting a profit of $409 million in the first quarter, compared to $506 million in the same period one year ago. The agricultural sciences unit of The Dow Chemical Co. (NYSE: DOW) says price and currency “headwinds” affected performance, as did a dip in crop protection and seed sales. April 23, 2015
INDIANAPOLIS, Ind. – Earlier this morning, April 23, 2015, The Dow Chemical Company, parent company of Dow AgroSciences, announced its first quarter (Q1) 2015 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/en-us/investor-relations/financial-reporting/earnings/q1-2015
Agricultural Sciences reported sales of $1.9 billion, down 12 percent versus the year-ago period.
The segment reported EBITDA of $409 million, down 19 percent from $506 million in the year-ago period, primarily due to price and currency headwinds in most regions, as well as softer demand and a later start to the European season compared to the prior year.
Crop Protection sales decreased 11 percent from negative currency impact coupled with volume declines in Europe, Middle East, Africa and India (EMEAI) and the Americas, with current weather conditions resulting in a later start to the European season compared to the year-ago period.
Seeds sales decreased 14 percent in the quarter, as acreage switched from corn to soybeans in North America and Latin America. Higher crop yields and inventories coming into the planting season are resulting in lower crop commodity prices, which in turn, are leading to lower forecast planted acreage of corn across the Americas.
Source: Dow AgroSciences