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DowDuPont reports second Quarter 2018 results

August 09/2018

MOSCOW (MRC) -- DowDuPont Inc said it expects higher raw material costs to hit all its units for the rest of the year even as an uptick in its agriculture business helped the U.S. chemicals producer beat Street estimates for the fourth straight quarter, as per the company's press release.

"We see some discrete headwinds, most notably currency fluctuations, particularly in agriculture, and higher raw materials costs in all three divisions," Chief Financial Officer Howard Ungerleider said.

Dow and DuPont completed their USD130 billion merger last September to form DowDuPont. It will create three separately traded companies next year, splitting into companies that look at agriculture, plastics and specialty products.

On a conference call with analysts, CEO Ed Breen said trade tensions have increased volatility in agricultural commodity prices.

"U.S. soybean exports that normally go to China are simply being shifted to other countries."

Last month, Washington imposed tariffs on USD34 billion of Chinese imports. In return, China levied taxes on the same value of products from the United States, including soybeans and sorghum. Traders rushed shipments of U.S. soy to China before the tariff took effect on July 6.

However, the company, which has global operations and often sources materials locally, does not expect any tariff-related impact on overall business this year.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Dow, DuPont.
Category:General News
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