Dow's Agricultural Sciences sales up 8% in Q3 2013

Dow’s Agricultural Sciences recorded a 8.3% increase to $1,410 million in the third quarter ended on Sep 30, 2013 year-over-year. For the first nine months of 2013, the sales grew by 11.4% to $5,363 million. Volume increased 5 percent and price rose 3 percent. Volume gains were driven by double-digit growth in Latin America.

Dow’s Agricultural Sciences sales results ($ million)
Q3 ended Sep. 30	Q3 2013	Q3 2012	% change	Nine-month 2013	Nine-month 2012	% change
sales	1,410	1,302	+8.3	5,363	4,816	11.4
EBITDA*	18	63	-71.4	792	821	-3.5
*earnings before interest, tax, depreciation and amortization

Third quarter Crop Protection sales rose 10 percent, driven by higher sales of herbicides in North America and Latin America, and higher sales of insecticides in Latin America. Nine months sales of new Crop Protection products are up 12 percent led by pyroxsulam herbicide.

Seeds, Traits and Oils (ST&O) sales were down 4 percent in the quarter versus the year-ago period with higher return activity in North America driven by a late, wet planting season more than offsetting double-digit gains in Latin America.

Nine months ST&O sales were up 18 percent driven by strong farmer demand for SmartStax® corn hybrids and growth in most major crops.

EBITDA for the segment was $18 million, down from $63 million in the same quarter last year. Third quarter EBITDA margins reflect the impact of higher seed return activity in North America and increased spending on growth investments in the seasonally lowest sales quarter.