Dow Chemical sees farm demand growing profit
Post date: Apr 26, 2013 8:43:07 AM
Thu Apr 25, 2013 2:20pm EDT
Dow Chemical Co posted a 33 percent jump in quarterly profit as farmers in the Americas bought more of its seeds and pesticides, reinforcing a sector-wide shift by chemical makers toward agriculture.
Dow Chemical, the largest U.S. chemical maker by sales, forecast demand for its crop-protection products would drive growth after a first quarter that beat Wall Street profit forecast, sending its shares up 6 percent.
"Two-thirds of the increase in revenues and profit came from new (agricultural science) products," Dow Chemical Chief Executive Andrew Liveris told Reuters. "That will continue to set records for us this year, and the next several years."