Dow AgroSciences Q1 profit up

Health and Agricultural Sciences reported record sales of $1.6 billion in the quarter, up 17 percent compared with the year-ago period. Volume increased 14 percent, with price up 3 percent. All geographic areas reported sales gains versus the same period last year.

Growth in agricultural chemical sales was led by EMEA, with double-digit volume gains resulting from new product sales and favorable climate conditions allowing for early application of cereal herbicides. Globally, new agricultural chemical product sales were up 16 percent versus the same quarter last year, led by strong early-season demand for range and pasture herbicides in the United States and Brazil, and strong insecticide and cereal herbicide sales.

Seeds, Traits and Oils reported demand growth of more than 25 percent. The continued ramp-up of SmartStax ® hybrids in North America and strong demand in Latin America drove significant volume increases in corn. Cotton seed sales rose significantly, driven by an increase in planted U.S. acres and continued market penetration of PhytoGen® cottonseeds.

In addition, the business continued to announce significant developments from its innovation pipeline. Notably, the business recently received regulatory approval in Brazil for POWERCORE® technology, the first five-gene trait stack technology in that country, and received registration in the United States for REFUGE ADVANCED® powered by SmartStax® the world’s first single bag solution that allows growers in the Corn Belt to avoid planting separate refuge.

EBITDA for the segment was $406 million, which compares with $384 million in the year-ago period.