BASF: Strong Fungicide, Herbicide Sales Offset Currency Effects
2 May 2014 
“We had a good start to the year in our chemicals business and in the Agricultural Solutions segment. We sold more. This more than compensated for the negative effects on sales from the comparatively weak U.S. dollar and currencies in emerging markets” –Dr. Kurt Bock, BASF CEO; photo courtesy BASF
BASF said sales in its crop protection business grew swiftly in the first quarter on buoyant fungicide and herbicide sales in Europe and North America, outweighing the effects of currency developments.
The German chemical giant posted a 6% gain in first-quarter sales to $2.28 billion in its Agricultural Solutions unit, up from $2.15 billion a year earlier.
It raised volumes and prices in the period, especially in fungicides and herbicides. Sales in Europe were “considerably higher” than a year earlier, as mild, moist weather in the months lifted demand for cereal fungicides.
The company said it was able to more than compensate for negative currency effects with price increases in Europe, and the same was true for sales in North America, which posted slightly increased sales through higher sales volume and prices.
Fungicides were a standout in Asia in the quarter, where it saw rising demand in China, Japan and India in particular.
The exception was South America, where sales were considerably lower mostly on account of currency effects. Unfavorable weather dragged sales in Brazil.
Income from operations (EBIT) for the segment rose to $704.5 million in the period, up 4% from $679.7 million a year earlier.
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