BASF Crop Protection Sales Rise Despite Weak Overseas Currencies
25 October 2013 
Citing higher volumes and sales prices and its acquisition of Becker Underwood, BASF’s Agricultural Solutions business posted increased quarterly sales despite the effect of negative currency exchange rates.
Sales in the Agricultural Solutions division, comprising its crop protection business, totaled $1.45 billion, up 4.6% from $1.39 billion in the same period a year earlier. The unit accounted for about 6% of the company’s overall sales in the quarter.
In North America, where sales rose 6% in U.S. dollars but were flat in euro terms, negative currency swings put a strain on sales growth in all divisions, offset by higher sales volumes, especially in its Catalysts and Agricultural Solutions businesses.
Crop protection sales volumes and prices helped offset further impacts of weak currencies in South America, Africa and the Middle East, where sales rose 8% in local currency but fell 6% in euro terms.
BASF said that due to increased investments in research and development, production and distribution, EBIT before special items was $237 million, flat with the previous year.
BASF Chairman Dr. Kurt Bock had downbeat views on the rest of the year for the economy as a whole: “We do not anticipate an upturn in the global economy for the fourth quarter of 2013. The environment is likely to remain challenging: We anticipate uneven development marked by economic uncertainty. Currency effects will continue to negatively impact sales and earnings in the fourth quarter.”
Get The Newsletter Today!
