Dow’s agrochemicals sales rose 14% in Q1

Dow AgroSciences posted double-digits increases in sales and EBITAD in the first quarter of 2012. Sales of Agricultural Sciences segment rose 14.4% versus the year-ago period to $1,838 million, posted its sixth consecutive quarter of year-over-year sales record. EBITDA for the segment was $451 million. This represented a new quarterly record, and an 11% increase over the previous record of $406 million, which was reported in the year-ago period. Volume increased 12% and price rose 2%. The gains were broad-based across products and geographic areas, driven by customer adoption of new products, healthy agricultural market fundamentals, and an early spring planting seas on in North America. Overall, sales of new products grew 41% compared with the year-ago period.

First quarter sales of crop protection products rose 14% versus the prior year, driven by double-digit sales growth in North America, Latin America, and Asia Pacific. Europe recorded sales growth with strong sales in Northern Europe partially offset by lower cereal portfolio sales in Southern Europe due to severe freeze conditions impacting crop plantings. Sales of new crop protection products grew 27%, led by gains in aminopyralid and penoxsulam herbicides and spinetoram insecticide. In addition, the business launched and secured first sales of sulfloxaflor sap-feeding insecticide in Korea.

Seeds, Traits and Oils reported a 16% sales gain versus the year-ago period, driven by continued introduction and adoption of new seed technologies, as well as an early spring in North America.

Increased corn sales were a key driver of growth, with increased penetration of SmartStax® hybrids and Refuge Advanced® in North America and further adoption of Herculex® technology in Latin America.

Dow’s Agricultural Sciences sales results ($ million)
Q1 ended March 31st	Q1 2012	Q1 2011	% change
sales	1,838	1,606	+14.4
EBITDA*	451	406	+11.1
* earnings before interest, tax, depreciation and amortization