Dow AgroSciences Q1 Crop Protection Sales Fall 12%
Dow AgroSciences reported first-quarter sales of $1.9 billion, down 12% versus the year-ago period.
The segment reported EBITDA of $409 million, down 19% from $506 million in the year-ago period, primarily due to price and currency headwinds in most regions, as well as softer demand and a later start to the European season compared to the prior year.
Crop Protection sales decreased 11% from negative currency impact coupled with volume declines in Europe, Middle East, Africa and India (EMEAI) and the Americas, with current weather conditions resulting in a later start to the European season compared to the year-ago period.
Seeds sales decreased 14% in the quarter, as acreage switched from corn to soybeans in North America and Latin America. Higher crop yields and inventories coming into the planting season are resulting in lower crop commodity prices, which in turn, are leading to lower forecast planted acreage of corn across the Americas.
Editor’s note: Please note this story has been corrected to reflect a decline in Dow’s sales instead of a rise. See Dow’s press release here.