Dow's crop protection sales up 4% in Q1 2014

Date:04-24-2014

Dow’s Agricultural Sciences sales recorded a slight increase of 0.8% to $ 2,119 million in the first quarter ended on Mar 31, 2014. Sales volume increased 2 % and price dropped 1 %.

Crop Protection sales rose 4 % due primarily to higher sales of herbicides in EMEA(Europe, Middle East and Africa), 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%, led by pyroxsulam herbicide.

Dow’s Agricultural Sciences sales results ($ million)
Q1 ended Mar 31	Q1 2014	Q1 2013	% change
Sales	2,119	2,103	+0.8
EBITDA*	529	484	+9.3
*earnings before interest, tax, depreciation and amortization

Seeds sales were down 7% 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 % 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.