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Source: Dow Chemical news release

To read the entire report click here.

2013 Full-Year Highlights:

•Dow reported full-year 2013 earnings of $3.68 per share, or $2.48 per share on an adjusted basis. This compares with prior-year earnings of $0.70 per share, or $1.90 per share on an adjusted basis - an increase of 31 percent versus 2012.

•Sales were $57.1 billion, up 1 percent versus the prior year, or up 3 percent on an adjusted basis and excluding sales from Feedstocks and Energy. On an adjusted basis, sales gains were posted in all geographic areas excluding Europe, Middle East and Africa (EMEA). Emerging geographies represented 35 percent of total Company sales for the first time in Dow's history.

•EBITDA totaled $10.5 billion, or $8.4 billion on an adjusted basis. For the full year, Dow expanded adjusted EBITDA margin nearly 150 basis points. The largest gain was achieved by Performance Plastics, which expanded margins nearly 700 basis points as the Company extracted further value from both its technology differentiation advantages in key downstream markets such as packaging, as well as its feedstock integration advantage.

•Equity earnings exceeded $1 billion, compared with $536 million in the year-ago period, or $698 million excluding certain items.

•Dow accelerated its cost savings and portfolio management actions throughout the year, exceeding its goal to deliver $500 million in cost reductions and $850 million in proceeds from divestitures.

•The Company delivered $7.8 billion of cash from operating activities in 2013, a $3.7 billion increase versus 2012. This includes final resolution and receipt of the $2.2 billion K-Dow arbitration cash award.

•In 2013, Dow reduced gross debt by $3 billion and its interest expense by approximately $170 million.

Agricultural Sciences

Agricultural Sciences reported record fourth quarter sales of $1.8 billion, up 13 percent versus the year-ago period. Sales gains were broad-based across all geographies, led by double-digit growth in Latin America and North America.

Fourth quarter Crop Protection sales rose 11 percent, driven by higher sales of herbicides in North America and Latin America, and higher sales of insecticides in Latin America. Sales of new crop protection products grew 23 percent, led by spinetoram insecticide. Full-year Crop Protection sales grew 10 percent.

Seeds, Traits and Oils (ST&O) sales were up 20 percent in the quarter due to gains in Latin America from increasing market demand for quality germplasm and stacked traits. Full-year ST&O sales grew 19 percent driven by strong farmer demand for SmartStax® corn hybrids including Powercore™ and Refuge Advanced®, and increased sales of soybeans.

EBITDA for the segment was a fourth quarter record of $177 million, up 13 percent from $156 million in the year-ago period.

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