The Agricultural Sciences division of Dow reported third quarter sales of $1.2 billion, up 6 percent versus the year-ago period. Price and volume each rose 3 percent.
Strong demand conditions in Latin America drove double-digit sales gains in seeds, with price and volume both rising by double-digits. Corn seeds sales nearly tripled primarily on double-digit volume and price growth in Latin America as the business increased share and met early season demand. Soybean sales nearly tripled as well,
reflecting higher price and volume due to early orders for the Latin America planting season.
Crop Protection sales declined modestly due to lower volumes and currency headwinds as gains in Latin America were more than offset by declines in all other geographic areas. Insecticides improved on increased price, while herbicides and fungicides each declined due to lower price and volume, respectively.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the segment decreased to $101 million from $582 million in the year-ago period, which reflected the gain on the AgroFresh divestiture.
Operating EBITDA was $102 million, up from a loss of $39 million in the yearago period. This significant increase was a result of share gains, price improvement, continued self-help actions, the introduction of new technologies, as well as early orders for the Latin America growing season, which more than offset challenging industry fundamentals and low crop commodity prices.
Equity earnings for the segment were $8 million, compared to $2 million in the year-ago period.
