Chemtura agrochem sales up 9% in Q3

By CnAgri Print

Chemtura AgroSolutions’ net sales increased by 8.6% to $114 million in the third quarter, resulting from $10 million in higher sales volume and $2 million in higher selling prices, offset by a $3 million impact from unfavorable foreign currency translation. Operating income increased $10 million reflecting a $4 million increase from volume and favorable product mix, $2 million lower SG&A and R&D (collectively "SGA&R") costs, the higher selling prices and a $2 million decrease in other costs.

The company noted that change to a direct selling approach in Brazil has had a positive effect this quarter and they benefited from a strong growing season as well. North America finished strongly led by an increase in seed treatment products as a result of a warmer than normal weather pattern. Operating income reflected the benefit of strong volumes and the improvements in cost base following a restructuring that was implemented in the latter part of 2011.

Sales of AgroSolutions segment in the nine months went up 7.2% to $311 million and operating income increased $ 29million or 116.0% to $54 million.