Strong sales of new crop-protection products helped Dow AgroSciences LLC report record second-quarter revenue of nearly $1.9 billion, an increase of 10 percent from the same period a year earlier.
The Indianapolis-based maker of agricultural products, a unit of Michigan-based Dow Chemical Co., said Thursday that profit totaled $290 million before accounting for interest, taxes, depreciation and amortization—down from last year’s second-quarter record of $307 million.
Sales of crop-protection products rose 12 percent, driven by large gains in Latin America, where sales of new crop-protection products grew 14 percent.
Parent Dow Chemical said its second-quarter profit more than tripled, boosted by a $2.16 billion payment related to a scrapped joint venture, and its adjusted results beat Wall Street predictions.
The company earned $2.34 billion, or $1.87 per share. That was up from $649 million, or 55 cents per share, in the same quarter of 2012. Excluding the payment from Petrochemical Industries Co. of Kuwait and other one-time items, Dow posted an adjusted profit of 64 cents per share.
Revenue was essentially flat at $14.6 billion, compared with $14.5 billion a year earlier.
Analysts, on average, expected adjusted profit of 62 cents per share on $14.5 billion in revenue, according to FactSet.
Overall sales increased 2 percent, with Latin American volume jumping 12 percent and Asia Pacific volume rising 7 percent. Overall pricing fell 2 percent.
Dow Chemical shares traded late Thursday morning at $34.92, up 53 cents each.
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