Syngenta 1st-Qtr Sales Dip on Pricing, Cold Weather

Syngenta reported its first-quarter group sales of $3.7 billion were 1% lower from a year ago, hurt by lower pricing, cold weather in Northern and Central Europe, and reduced demand for fungicides and herbicides in Brazil and Paraguay.

Volumes were stable, while the more favorable currency trend which began in the second half of 2016 continued, with the Russian Ruble and the Brazilian Real strengthening against the dollar.

Erik Fyrwald, Chief Executive Officer, said: “While conditions for growers at the start of 2017 remain difficult, our business is steady and currencies are no longer a drag on our performance. For the full year we maintain our targets of low single digit growth in sales, an improvement in the EBITDA margin and strong free cash flow generation.

In recent weeks the ChemChina transaction has made very significant progress, with the receipt of regulatory approvals including the European Union and the USA. We look forward to closing the transaction in May 2017.”

Sales in Europe, Africa and the Middle East were unchanged despite a late start to the season in Northern and Central Europe, due to cold weather. This was offset by an excellent performance in South East Europe and ongoing growth in the CIS, as well as by solid growth in France due to the highly successful launch of ELATUS PLUS at the end of 2016.

In North America, a decline in Seeds sales was largely due to a timing difference in the receipt of trait royalties. Crop Protection sales showed robust growth driven by the ongoing success of TRIVAPRO, based on SOLATENOL.

In Latin America, sales were 3% lower. Dry weather in the second half of 2016, affecting the south of Brazil and Paraguay, reduced demand for fungicides and herbicides.

In Asia Pacific sales were up 4%. The main driver was ASEAN, with a continuing good corn seed performance. China grew based on the adoption of fungicides, notably AMISTAR®.

Sales of selective herbicides were primarily impacted by the late start to the season in Europe. In the USA, ACURON™ and DUAL GOLD® continued to expand despite competitive market conditions. Sales of non-selective herbicides were also lower due to softness in glyphosate. Growth in fungicides was driven by SOLATENOL™ based products in France, Germany and USA. This more than offset the impact of market weakness in Latin America. Insecticides sales were down due to lower sales in Northern Europe. Seedcare sales were slightly higher, with good performances by CRUISER® and FORTENZA® in Latin America.

Corn seed sales grew strongly in both Latin America and Asia Pacific. In North America corn sales were down due to trait royalty timing. Soybean sales were also slightly lower. Diverse field crops registered double digit growth driven primarily by sunflowers. Vegetables recorded growth in Europe and Latin America.

 

Topics: ,

Agrichemicals

Agrichemicals

Albaugh Partners on Herbicide-Tolerant Wheat Production System

CoAxium Wheat Production System is a joint collaboration driven to deliver innovative and novel solutions for wheat producers in North America and beyond.

Agrichemicals

Syngenta Seed Treatment Insecticide Gets EPA Approval

The active ingredient in Fortenza, cyantraniliprole, is labeled to protect against above- and below-ground insects.

Agrichemicals

Syngenta Seeking Approval for New Dicamba Premix

Upon registration by the U.S. Environmental Protection Agency, the herbicide will be marketed as Tavium® plus VaporGrip® Technology (Tay-vee-um).

Flag of China
Agrichemicals

Tax Rebates to Boost China’s Formulation Exports

This issue was a long-time thorn in the eyes of China’s industry, lowering motivation for value-added processing of technical into formulations and slowing down development.

Agrichemicals

Syngenta Launches Plenaris Seed Treatment

Syngenta announced today the launch of Plenaris seed treatment fungicide for the control of downy mildew in sunflower.

Adjuvants

Specialty Chemical Companies Clariant and Huntsman to Merge

Clariant and Huntsman Corp. announced they will combine in a merger of equals through an all-stock transaction.

Agrichemicals

New EPA Approval Expands Monsanto Herbicide Portfolio

Monsanto announced today that EPA has federally approved Harness MAX Herbicide, the first herbicide in the Monsanto portfolio to provide

Agrichemicals

ChemChina Completes the First Settlement of the Tender Offers for Syngenta

China National Chemical Corp. has announced the successful completion of the First Settlement of ChemChina’s tender offers for Syngenta. Shareholders

Agrichemicals

Adama Expands Nimitz to Japan, South Korea, Taiwan

Adama has secured regulatory approval for the product in these markets for various crops, among them sweet potatoes, fruiting vegetables, melons and others.

Agrichemicals

EPA Reopens Comment Period for Pyrethroids

U.S. EPA announced it reopened the comment period regarding the preliminary ecological risk assessment for pyrethroid insecticides, and it will

Agrichemicals

Pacific Agriscience Puts Together M&A Deal Spanning Two Continents

French farmer cooperative InVivo has acquired a majority stake in CCAB Agro, a Brazil-based importer of generic crop chemicals. InVivo,

Agrichemicals

Dow AgroSciences Issues Statement on Department of Commerce Announcement

Tim Hassinger, President and CEO, Dow AgroSciences, has issued the following statement regarding a press release issued by the U.S.

Agrichemicals

UK Crop Production ‘At Risk’ if Neonicotinoids More Widely Restricted

Maintaining production of many UK crops is at risk if neonicotinoids are more widely restricted or banned completely, according to

Bayer
Agrichemicals

Bayer to Sell Liberty Crop Protection Brands to Get Monsanto Deal Passed

Bayer has agreed to sell its Liberty herbicide and LibertyLink-branded seeds businesses to win antitrust approval for its acquisition of

Agrichemicals

Syngenta Shareholders Accept ChemChina Offer

China National Chemical Corporation (ChemChina) announced the provisional interim results for ChemChina’s offer to acquire Syngenta. At the end of

Agrichemicals

Plant Impact, Ghent University Collaborate on Novel Chemical Compounds that Improve Drought Tolerance

Plant Impact plc, a leader in research and development in crop enhancement products that growers can rely on to improve

Headquarters Belchim
Agrichemicals

Belchim Crop Protection to Acquire Engage Agro USA

Belgian company Belchim Crop Protection (Londerzeel) has agreed to acquire the American agrochemical company Engage Agro USA, LLC (based in

Werner Baumann and Hugh Grant
Agrichemicals

Bayer Raises Profit Outlook on Crop Protection Products, Sees Monsanto Deal Closure by Year End

Bayer AG raised its outlook for the year, citing a rebound in chemicals and crop products, as management works to

Agrichemicals

MEPs Trying to Block Glyphosate Re-authorization Dealt Devastating Blow

Last month, 30 MEPs wrote to European Commission President Jean-Claude Juncker suggesting the European Chemical Agency’s ruling that glyphosate was

Latest News

Agrichemicals

Albaugh Partners on Herbicide-Tolerant Wheat Production System

CoAxium Wheat Production System is a joint collaboration driven to deliver innovative and novel solutions for wheat producers in North America and beyond.

Agrichemicals

Syngenta Seed Treatment Insecticide Gets EPA Approval

The active ingredient in Fortenza, cyantraniliprole, is labeled to protect against above- and below-ground insects.

Agrichemicals

Syngenta Seeking Approval for New Dicamba Premix

Upon registration by the U.S. Environmental Protection Agency, the herbicide will be marketed as Tavium® plus VaporGrip® Technology (Tay-vee-um).

Americas

The Mixing Bowl Event Connects Technology, Food, and Ag Innovators

For the fourth consecutive year, The Mixing Bowl presents FOOD IT, under the theme “Fork to Farm.” Action-oriented entrepreneurs, industry

Asia

Acadian Plant Health Launches Biostimulants, BioSwitch Technology in India

Acadian Plant Health (APH), a division of Acadian Seaplants Ltd. (ASL), announces new partnerships and the launch of its biostimulants