Syngenta reports that its 2015 first quarter sales numbers were 14 percent lower, reflecting the strength of the dollar against the euro and most other currencies.
Group sales of $4 billion including lawn and garden were unchanged at constant exchange rates compared with the first quarter of 2014, according to the company.
Integrated sales of $3.8 billion rose by 1 percent at constant exchange rates. Volumes were 7 percent lower. In seeds, corn volumes were affected by an acreage decline and price increases in the Commonwealth of Independent States (CIS). In the United States, the expected reduction in acreage and lower royalty income also impacted sales. Soybean sales were slightly higher.
“In an environment of currency and crop price volatility, we have demonstrated our ability to successfully manage risk, as evidenced by the substantial price increases achieved in the CIS,” says Mike Mack, Syngenta CEO.
“With the main North American season now underway, we are focused on maximizing the opportunity for our herbicide portfolio. Across the company we are firmly on track to achieve targeted cost savings from the implementation of our Accelerating Operational Leverage program. We are maintaining our full year targets of sales broadly unchanged at constant exchange rates and EBITDA (earnings before interest, taxes, depreciation and amortization), after the impact of currencies, around the 2014 level.”
Read more about Syngenta’s first quarter sales at http://www.syngenta.com/global/corporate/en/news-center/news-releases/Pages/150417.aspx.
