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Dow AgroSciences reports record revenue

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Indianapolis-based Dow AgroSciences on Thursday reported record sales of $1.6 billion in its first quarter, up 17 percent from the same period last year due to higher volume and increased prices.
 
Quarterly earnings before interest, taxes, depreciation and amortization also improved, from $384 million last year to $406 million in the quarter ended March 31.

The company attributed double-digit volume gains to new products and good weather that allowed for early application of its herbicides.

The Indianapolis unit also said its research and development expenses increased by 10 percent during the quarter.

Midland, Mich.-based parent company Dow Chemical Co., meanwhile, reported sharply higher first-quarter profit and strong sales across the globe.

Revenue rose 20 percent to $14.7 billion as all operating segments reported double-digit sales increases.

Profit was $721 million, or 54 cents per share, compared with $552 million, or 41 cents per share, in the same period last year. Excluding special charges, the company earned 82 cents per share in the quarter.

Dow Chemical retired $2.5 billion of debt during the first quarter, reducing its interest expenses by almost $200 million a year.

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