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1ST HALF: DOW AGROSCIENCES SALES ACHIEVE RECORD SALES
Source: Dow news release

To view the complete report, click here.

The Dow Chemical Company (NYSE: DOW) reported sales of $14.9 billion, up 2 percent versus the year-ago period, or 3 percent on an adjusted basis.

Gains were reported in all operating segments, led by Performance Plastics (up 4 percent) and Electronic and Functional Materials (up 5 percent).

Agricultural Sciences also increased sales, rising 3 percent in the quarter and achieving a first-half sales record of $4 billion.

The Company reported adjusted sales gains in most geographic areas, with increases reported both in developed regions (up 3 percent) and in emerging regions (up 2 percent). Gains were led by Western Europe (up 6 percent) and the United States (up 5 percent).

EBITDA was $2.2 billion, up 5 percent on an adjusted basis versus the year-ago period. EBITDA rose in most operating segments, led by Performance Materials (up 36 percent), as a result of ongoing productivity actions, as well as improved pricing and demand. Performance Plastics and Electronic and Functional Materials also drove EBITDA gains, up 6 percent and 19 percent respectively.

Agricultural Sciences achieved record second quarter sales of $1.9 billion, up 3 percent versus the year-ago period. On a year-to-date basis, sales were $4 billion, representing a first-half record for the segment.

Crop Protection sales within the quarter rose 3 percent versus the same quarter last year, led by insecticides, which reported double-digit gains in all regions. Sales gains from herbicides in North America and Latin America were slightly offset by declines in Asia Pacific and EMEA, which was impacted by the early start of the cereal herbicides season in Europe.

First-half sales rose 4 percent as new crop protection products delivered sales gains of 18 percent led by pyroxsulam herbicide and Isoclast™ insecticide.

Within the quarter, Seeds delivered 3 percent sales gains. The business drove growth in both corn and soybeans in North America and Latin America, more than offsetting lower planted acres of sunflowers in Latin America.

Equity earnings for the segment were $2 million, a slight increase versus the year-ago period. The segment reported EBITDA of $281 million, down $9 million from the same quarter last year.

Demand for novel seeds technologies and higher quality crop protection molecules was more than offset by fewer applications as a result of the late start to the season in North America and continued growth investments. On a year-to-date basis, the segment achieved record first half EBITDA of $810 million.


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