Syngenta Reports Higher Third-Quarter Earnings

By CnAgri2012-10-23 19:21:09 Print

Syngenta reports that sales in the third quarter of 2012 increased by 6 percent at constant exchange rates driven by an excellent performance in Latin America. The company says during the first nine months of the year, sales were up 9 percent to reach a record $11 billion, with volume up 6 percent and prices up 3 percent.

Total integrated sales increased by 7 percent at constant exchange rates. In Latin America, a strong start to the season drove sales growth of 18 percent, with expansion across all product lines. High soybean prices are leading to acreage expansion and increased investment by soybean growers in Brazil and Argentina.

Sales of crop protection for sugar cane doubled as a result of rapid technology adoption. In Asia Pacific, sales increased 3 percent. Significant growth in Corn seeds, notably in South East Asia, demonstrates the continuing momentum of an enhanced corn portfolio. Vegetables seeds showed a marked recovery with double digit growth. Crop protection sales were lower in Japan and also in India, owing to a delayed monsoon; expanding seed care use across the region was reflected in sales growth of more than 50 percent.

In Europe, Africa and the Middle East, the success of the integrated hybrid barley product offer drove sales particularly in Germany and Northern Europe. Eastern Europe maintained its record of broad-based growth, with sales in the CIS up by almost 20 percent.

Overall crop protection sales in the low season were unchanged after a strong first half, with significant growth in fungicides offsetting lower herbicide and insecticide sales.

In North America, crop protection sales were broadly unchanged despite a reduction in fungicide applications due to drought and a shift in selective herbicides phasing to the fourth quarter. Non-selective herbicides and seed care grew strongly; in addition, sales of FORCE?tripled with increasing grower awareness of resistance to a competitor's corn rootworm trait.