Dow AgroSciences Posts Record Sales
29 January 2014 Dow AgroSciences posted record quarterly revenue on strong herbicide sales in Latin America and North America and higher sales of insecticides in Latin America.
The business posted $1.8 billion in sales in the fourth quarter, a 13% gain from the year-ago period, driven by sales gains in all regions.
Sales of new crop protection products grew 23%, boosted by spinetoram insecticide. Crop protection sales rose 11% in the quarter, while full-year crop protection sales grew 10%.
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% on strong farmer demand for SmartStaxcorn hybrids including Powercore and Refuge Advanced, and increased sales of soybeans.
EBITDA was a fourth-quarter record of $177 million, up 13% from $156 million in the year-ago period.
Research and development expenses and selling, general and administrative expenses together increased $111 million versus the year-ago period, partly due to increased spending in Agricultural Sciences, Dow said.
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