Syngenta Sales Down 12% in Q3

Seeds sales increased by 3 percent in the quarter. For Corn & Soybean volumes in Latin America showed good growth driven by corn in Argentina and soybean in Brazil.

23 Oct 2009 --- Syngenta has said that sales in the third quarter of 2009 were 8 percent lower at constant exchange rates; excluding a decline in glyphosate prices sales were 3 percent lower*. Reported sales were 12 percent lower at $2 billion. In the first nine months of the year, sales were unchanged at constant exchange rates at $8.7 billion.

In Crop Protection third quarter sales were 10 percent lower; excluding glyphosate pricing sales were 4 percent lower. In Europe and NAFTA, grower sentiment was subdued in a shorter season with lower pest pressure; credit constraint in Eastern Europe also contributed to a reduction in volume. Latin America saw robust volume growth at the start of the main season supported by higher soybean acres. In Asia-Pacific sales were driven by the launch of new products and by strong growth in fungicides. Overall, prices excluding glyphosate were slightly higher for the quarter and for the first nine months were up by 6 percent.

Crop Protection sales by product line saw an increase in Fungicides and Insecticides led by Latin America and Asia Pacific. Sales of Selective Herbicides were lower primarily due to a product timing issue in France; Non-selective Herbicide performance reflected significantly lower glyphosate prices. Seed Care sales continued their rapid growth in Asia Pacific but were lower in other regions. Professional Products have been affected this year by the economic environment.

Combined sales of new products reached $274 million in the first nine months, an increase of 30 percent, driven by DURIVO, REVUS and AXIAL.

Seeds sales increased by 3 percent  in the quarter. For Corn & Soybean volumes in Latin America showed good growth driven by corn in Argentina and soybean in Brazil; in NAFTA returns of soybean were higher following early season acreage uncertainty. Diverse Field Crops and Vegetables grew strongly in all regions, with Vegetables continuing their rapid expansion in Eastern Europe and Asia-Pacific, notably China. Flowers growth reflected the consolidation of acquisitions.

For the full year, Syngenta is targeting earnings per share close to the record level achieved in 2008.