Dow AgroSciences, part of The Dow Chemical Co., has announced its 2015 fourth-quarter and year-end earnings.
Dow AgroSciences reported fourth-quarter sales of $1.6 billion, down from $1.9 billion in the year-ago period. Sales were affected by continued lower crop commodity prices across all geographic areas, high channel inventories and significant currency headwinds.
The Crop Protection segment reported decreased sales as herbicides faced price pressures, lower demand and currency headwinds. Full-year demand remained strong for new product technologies (up 6% versus 2014).
Despite significant price and currency headwinds, the seeds group reported double-digit volume growth in Latin America. Operating EBITDA for the segment was $220 million, essentially flat with the $222 million in the year-ago period.
One-time gains from the sale of non-strategic product lines, coupled with reduced research and development and selling, general and administrative expenses costs enabled by self-help actions, were offset by pricing headwinds and the divesture of the AgroFresh post-harvest specialty chemical business. Equity losses for the segment were $17 million, compared with equity earnings of $1 million in the same quarter last year.