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Dow agchem sales up 3% in Q2 2014
Jul. 24, 2014
Dow’s Agricultural Sciences posted a 3.1% increase to $1,907 million in the second quarter ended on June 30, 2014 versus the year ago period. On a year-to-date basis, sales were $4 billion, representing a first-half record for the segment.
Crop Protection sales within the quarter rose 3% versus the same quarter last year, led by insecticides, which reported double-digit gains in all regions. Sales gains from herbicides in North America and Latin America were slightly offset by declines in Asia Pacific and EMEA, which was impacted by the early start of the cereal herbicides season in Europe. First-half sales rose 4% as new crop protection products delivered sales gains of 18% led by pyroxsulam herbicide and Isoclast™ insecticide.
Seeds delivered 3% sales gains. The business drove growth in both corn and soybeans in North America and Latin America, more than offsetting lower planted acres of sunflowers in Latin America.
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Dow’s Agricultural Sciences sales results ($ million)
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Q2 2014
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Q2 2013
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% changes
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Sales
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1,907
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1,850
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+3.1
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EBITDA*
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281
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290
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-3.1
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*earnings before interest, tax, depreciation and amortization
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EBITDA in the second quarter was $281 million, down $9 million from the same quarter last year. Demand for novel seeds technologies and higher quality crop protection molecules was more than offset by fewer applications as a result of the late start to the season in North America and continued growth investments. On a year-to-date basis, the agriculture segment achieved record first half EBITDA of $810 million.
Source: Dow AgroSciences News Release
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