Home Indiana Agriculture News Dow AgroSceinces Profit Down in 2nd Quarter

Dow AgroSceinces Profit Down in 2nd Quarter


Dow AgroSceinces Sciences reported second quarter sales of $1.6 billion, down from $1.7 billion in the year-ago period. Sales were impacted by low crop commodity prices, high industry inventories and currency headwinds. Crop Protection volume was lower primarily due to reduced demand for generic herbicides and the AgroFresh divestiture, which more than offset new product innovations, including continued adoption of Spinetoram insecticide and Arylex™ herbicide. Seeds volume declined as double-digit growth in corn was more than offset by soft demand in sunflower and soybeans.

EBITDA for the segment declined to $228 million from $255 million in the year-ago period. Operating EBITDA was $232 million, down from $269 million in the year-ago period, primarily reflecting the impact of prior period divestitures. Excluding the impact of these portfolio actions, year-to-date operating EBITDA was modestly lower compared to the first-half of 2015, as benefits from productivity improvements and proactive self-help mostly offset challenging macros.

Equity losses for the segment were $11 million in the quarter.