Dow AgroSciences Doubles Q4 Profit

Indianapolis-based Dow AgroSciences LLC, a unit of Dow Chemical Co., says its fourth quarter profit jumped to $145 million from $72 million during the same period a year ago. The biotech company also says it had record fourth quarter sales of $1.3 billion, up 5 percent.

 

Agricultural Sciences reported record fourth quarter sales of more than $1.3 billion, up 5 percent versus the year-ago period. Volume increased 1 percent and price rose 4 percent. The segment also posted record sales for the year of $5.7 billion, driven by increased customer adoption of new products and successful growing seasons in all geographic areas.

 

Fourth quarter sales of Agricultural Chemicals rose versus the year-ago period, driven by gains in Latin America, which reported 17 percent demand growth in its peak selling quarter. Year-to-date sales of new agricultural chemical products grew more than 20 percent, placing the business on track to exceed its target of $800 million in annual sales from these products by 2013.

 

Seeds, Traits and Oils (STO) reported a 22 percent sales gain in the quarter versus the year-ago period, driven by a strong growing season in Latin America and increased demand for healthy oils. For the year, STO sales increased 35 percent, with significant gains in key crops, including corn and cotton. In corn, the business continued to report strong farmer demand for SmartStax?hybrids in North America and increased adoption of Herculex?technology in the Americas. Cotton share in the United States increased 5 market share points due to the continued success of Phytogen?seeds.

EBITDA for the segment was $145 million, a fourth quarter record and double the $72 million reported in the year-ago period.