“Our Agricultural Sciences business continues to outperform, driven by its technology pipeline. Performance Plastics also posted strong results in the quarter, bolstered by feedstock advantages in North America and the Middle East, coupled with improving pricing momentum. In addition, our Kuwait joint ventures posted exceptional results in the quarter.
“We delivered on our cash flow target for the year, and our focus on rewarding shareholders remained resolute, as evidenced by a 34 percent increase in declared dividends for 2012.”
Electronic and Functional Materials
Sales in Electronic and Functional Materials were $1.1 billion, up 3 percent from the same quarter last year, as price declined 4 percent and volume increased 7 percent. Dow Electronic Materials reported modest revenue growth, driven primarily by Semiconductor Technologies, where higher foundry utilization in Korea and Taiwan contributed to stronger demand year over year. Semiconductor Technologies experienced mid-to-high single-digit sales growth, as double-digit volume growth was offset by price declines in the business.Functional Materials revenue increased in all geographic areas, as volume gains outpaced price declines. Stronger year-end demand in key market segments such as energy, water, pharmaceutical, personal care and food drove volume gains. The food sector saw particular strength during the year, driven by new product introductions. Equity earnings for the segment were $13 million, or $21 million on an adjusted basis. This compares with $32 million in the year-ago period. The decline was driven by Dow Corning as a result of costs associated with the joint venture’s recently announced restructuring actions and ongoing polysilicon value chain weakness. EBITDA was $155 million or $211 million on an adjusted basis. This compares with $234 million in the year-ago period. Coatings and Infrastructure Solutions Coatings and Infrastructure Solutions reported sales of $1.6 billion, up 1 percent compared with the same period last year. Volume increased 5 percent versus the prior year, while price decreased 4 percent.