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Syngenta reports 21% hike in Q3 sales

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Syngenta (NYSE:SYT), the manufacturer and provider of crop protection and seed products, announced Friday its sales for the third quarter were up 21%.

The company made $2.66 billion in sales in the three months to Sep. 30, up from $2.20 billion in the same period a year ago. In constant currencies, the company's revenues rose 16%.

Volume increased by 13%, while prices for crop protection products rose 3%.

Syngenta CEO Mike Mack said: "In the third quarter of 2011, positive volume momentum continued and crop protection pricing improved as a result of the actions we have implemented.

"Our performance reflects the breadth of our portfolio, augmented by rapid growth in new crop protection products and the expansion of our corn trait coverage. In addition we expect the launch of integrated offers, such as our solutions for soybean in Latin America, to further reinforce our market positions.

"For the full year we expect substantial top line growth, higher profitability at constant exchange rates and a significant increase in free cash flow."

Syngenta's crop protection business segment posted total sales growth of 23% to $2.18 billion.

The company's line of selective herbicide products had $453 million in sales, up 50%, driven by Latin America and the U.S. on the high demand for weed-resistance in corn and soybean crops.

Demand for the company's Touchdown product in Latin America, and the expansion of the Reglone product line in the Commonwealth of Independent States, helped drive non-selective herbicides to $321 million in sales, a 16% increase.

Fungicides had $565 million in sales, a 12% rise, on emerging markets in the Asia-Pacific region. Insecticides also posted strong growth - sales were up 29% in the quarter, to $436 million - led by the Actara and Durivo product lines, and their rapid growth in Latin America and China.

Meanwhile, market share gains in Asia-Pacific, and gains in the consumer segment in Europe, moved the professional products lines up 11% to $108 million.

Syngenta's seeds business segment had $500 million in sales, up 13%. Sales of corn and soybean seeds were boosted by revenues in Latin America, which doubled in the quarter, to $175 million, up 14%. Diverse field crops posted a 24% rise in sales to $84 million, largely on strong sunflower seed sales in Argentina, and its acquisition of Maribo sugar beet seeds, which contributed 2%.

Vegetable seeds continued strong growth in all key crop markets, Syngenta said, with sales rising 12% to $174 million.

In Latin America, total sales rose 27% across Syngenta's product portfolio, while rising 10% in Europe, Africa, and the Middle East. In North America, sales rose 10% on volume growth in crop protection products and slightly higher pricing. Asia-Pacific saw sales rise 13% as revenues from crop protection products more than offset weak seed sales, the company said.

Based in Basel, Switzerland, Syngenta shares in New York rose 1.57% to $60.02 as of 11:33 am EDT.

Quick facts: Syngenta AG (ADR)

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NYSE:SYT
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