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Syngenta Reports Third Quarter Sales at $2.5 Billion
USAgNet - 10/25/2016

Group sales of $2.5 billion were down 3 percent at constant exchange rates compared with the third quarter of 2015, reports Syngenta. Reported sales were also 3 percent lower, with the dollar broadly stable against major selling currencies. For the first nine months of 2016, sales declined 3 percent at constant exchange rates to $9.6 billion. Excluding the impact from the change in sales terms in Brazil, sales at constant exchange rates were up 2 percent in the quarter and were unchanged in the first nine months.

Corn and soybean seeds increased in all regions, led by corn in Latin America and Asia. Diverse field crops sales were higher, with sunflower growth in South East Europe and a good start to the planting season in Argentina. Vegetables were up 5 percent with strong hybrid performance in Mexico and in China.

Sales in Europe, Africa and the Middle East rose by 8 percent, benefiting from robust fungicides sales and successful seedcare campaigns. Growth in seeds reflected good performances for cereals in North Europe and sunflower in South East Europe. For the first nine months, regional sales were up 3 percent, despite adverse weather conditions in the second quarter.

In North America, growth of 11 percent was driven by selective herbicides, reflecting the continuing success of Syngenta's weed management solutions. Non-selective herbicides sales were down, largely due to the deliberate reduction in solo glyphosate. Corn and soybean seeds sales were higher, as end-season closing adjustments were below last year's level.

Sales in Latin America were 21 percent lower. Excluding the change in sales terms, sales were 10 percent lower. In Brazil, volumes continued to be affected by high levels of insecticide inventories, with pest pressure remaining low and increased soybean trait adoption. In Argentina, with the improved market environment, we registered double-digit growth.

Asia Pacific recorded a 22 percent sales increase, helped by the ending of El Nino and a better monsoon in South Asia. Demand for crop protection products was strong, particularly for fungicides in ASEAN and insecticides in South Asia. Seeds sales were driven by high demand for conventional corn in South Asia and for GM hybrids in the Philippines.


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