Indianapolis-based Dow AgroSciences is touting record profit during the first quarter. The agricultural sciences unit of The Dow Chemical Co. (NYSE: DOW) also says higher sales of herbicides and insecticides in several global markets helped lead to record quarterly sales. April 23, 2014
INDIANAPOLIS, Ind. – Earlier this morning, April 23, 2014, The Dow Chemical Company, parent company of Dow AgroSciences, announced its first quarter (Q1) 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/2014/14q1earn.htm
Agricultural Sciences achieved record first quarter sales of $2.1 billion, up 1 percent versus the year-ago period.
Crop Protection sales rose 4 percent due primarily to higher sales of herbicides in EMEA, as favorable weather conditions led to an early start to the European cereal herbicide season. Increased sales of insecticides in Latin America also contributed to growth in Crop Protection. Sales of new crop protection products grew 28 percent, led by pyroxsulam herbicide.
Seeds sales were down 7 percent in the quarter. Lower planted acreage of corn and sunflowers led to reduced sales in Latin America, while the late start to the season in North America contributed to lower sales of corn and canola.
Agricultural Sciences delivered record EBITDA of $529 million, up 9 percent from $484 million in the year-ago period. Increased volume and lower operating expenses drove segment margin expansion of nearly 200 basis points over the same quarter last year.
Source: Dow AgroSciences