Dow announced its first quarter financial results today, and reports lower overall seed sales volumes were “mostly” offset by some gains in corn and cotton sales.
Dow Agricultural Sciences reported first quarter sales of $1.6 billion, down 5 percent versus the same time last year.
“Seed volumes declined primarily due to lower demand for corn seeds in North America on projected reduced acreage and lower demand for sunflower seed in Europe, the Middle East and Africa and the Latin America region,” Dow reported in a news release. “These factors were mostly offset by volume gains in corn in Latin America and in cotton in the United States, reflecting the successful launch of Enlist cotton and early grower adoption.”
Operating EBITDA (earnings before interest, tax, depreciation and amortization) was $351 million, down from $403 million in the year-ago period as a higher contribution from the Dow Seeds business, driven by demand for Enlist cotton and growth in corn in Latin America, was more than offset by a lower sales volume in crop protection products, particularly in Asia Pacific.
