Dow AgroSciences sales down 14% in Q4 2015

Dow’s Agricultural Sciences reported fourth quarter sales of $1.6 billion, down from $1.9 billion in the year-ago period. Sales were impacted by continued lower crop commodity prices across all geographic areas, high channel inventories and significant currency headwinds.
 

Crop Protection reported decreased sales as herbicides faced price pressures, lower demand and currency headwinds. Full-year demand remained strong for new product technologies (up 6 percent versus 2014). Despite significant price and currency headwinds, Seeds reported double-digit volume growth in Latin America.
 

Operating EBITDA for the segment was $220 million, essentially flat compared to $222 million in the year-ago period. One-time gains from the sale of non-strategic product lines, coupled with reduced R&D and SG&A costs enabled by self-help actions, were offset by pricing headwinds and the divesture of the AgroFresh post-harvest specialty chemical business.
 

Equity losses for the segment were $17 million. This compares with equity earnings of $1 million in the same quarter last year.