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.