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Syngenta posts 11% sales increase, to $2.9 billion, maintains full-year target

Syngenta says its third-quarter sales rose by 11%, at constant exchange rates, to $2.9 billion. Sales in Latin America rose by 17%, to $1.2 billion; Europe, Africa, and Mideast (EAME) sales rose 4%, to $616 million; sales in North America were 9% higher, at $503 million; and sales in Asia/Pacific increased by 9%, to $406 million (at constant exchange rates).

"The third-quarter performance demonstrates our ability to sustain growth across our business in a context of crop price and currency volatility," says Mike Mack, CEO. "Following a good start to the Latin American season, we remain on track to deliver full-year sales growth in line with our longer term target," he says. "During the quarter it has become clear the US corn see production yields are significantly ahead of expectations. We will recognize this in 2013 by writing down the value of seeds in excess of estimated sales for the coming season. Final results will depend on the progress of the Latin American season, but at this stage earnings per share are expected to be close to last year's underlying level," Mack says. "Looking further ahead, we remain on track to deliver our target of $25 billion in sales of our eight key crops in 2020. We expect improved profitability in 2014 and maintain our target of an Ebitda margin the range of 22–24% in 2015," he adds.

Crop protection sales in the third quarter were 11% higher, at $2.31 billion. Syngenta's crop protection sales in Latin America were up 15%, to $1.02 billion; EAME up 4%, to $478 million; North America 10% up, to $457 million; and Asia/Pacific up 10%, to $349 million. Syngenta's seed sales increased by 14%, to $478 million. Latin America registered the highest increase at 23%, to $220 million. Seed sales in EAME were up by 5%, to $141 million; North America posted a gain of 10%, to $60 million; and Asia/Pacific sales rose by 3%, to $57 million. The company's lawn and garden business saw a 9% rise in sales, to $155 million.

 

  UpdateTime:2013-10-17 21:31:04  【Printing】  【Close