Dow AgroSciences registers record performance in Q1

25 Apr '08

2 min read

Dow Reports First Quarter Results Company Sets Quarterly Sales Record with Broad-based Price Gains, Strong Volume Growth in Emerging Geographies and Record Performance from Dow AgroSciences

First Quarter 2008 Highlights:
Sales for the first quarter rose 19 percent from the same period last year to $14.8 billion, setting another Company record.

Double-digit price increases were recorded in all geographic areas, with 6 percent volume growth in emerging geographies and higher growth in China, India, Russia and the Middle East.

Earnings for the quarter were $0.99 per share. Earnings in the first quarter of 2007 were $1.00 per share.

The Company achieved these earnings in spite of an increase of $2.2 billion in purchased feedstock and energy costs compared with the first quarter of last year, the largest year- over-year increase in the Company's history.

Sales in Agricultural Sciences rose 27 percent, with increases of 16 percent in volume and 11 percent in price, setting quarterly records for both sales and EBIT(1).

Equity earnings were $274 million for the quarter, the fifth consecutive quarter in which equity earnings have exceeded $250 million.

Dow CFO Analyzes 1st Quarter Earnings Comment:
Andrew N. Liveris, Dow's chairman and chief executive officer, stated:

“Dow delivered an exceptionally good quarter, in which broad-based pricing initiatives, growth in our Performance businesses, especially Dow AgroSciences, and our strong international presence counterbalanced ongoing weakness in the United States, and an unprecedented increase in purchased feedstock and energy costs.

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