Syngenta Q3 sales beats forecast boosted by Latin America demand UPDATE |
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Thu, 18 Oct 2007 06:21
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(updating with more details on full year forecast, sector sales)ZURICH (Thomson Financial) - Syngenta posted forecast-beating third-quarter sales today, boosted by demand from Latin America, while in Europe, exceptional disease pressure in crops led to increased fungicide sales in major markets.Group sales for the period reached 1.709 bln usd from 1.411 bln a year earlier, comfortably beating analysts' forecasted range of 1.411-1.585 bln usd, or 1.548 bln on average.The agribusiness group said continued strong performance has allowed the company to increase its target for the year to high-teens growth in earnings per share.In segments, crop protection sales reached 1.436 bln usd, from 1.203 bln a year earlier, above the forecasted range of 1.203-1.341 bln usd, or 1.308 bln on average.The main growth driver was Latin America, while in Europe, fungicide demand was strong due to exceptional disease on crops.In Asia Pacific, growth in China, India and South East Asia more than offset lower sales in Japan, the company said.Meanwhile, its seeds division posted sales at 283 mln usd, from 222 mln a year earlier, and above analysts' projection of 222-259 mln usd, or 243 mln on average.The 23 pct growth in seeds sales was driven mainly by demand in corn and soybean in Latin America.huimin.neo@thomson.comat/hmn/jfrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Syngenta Q3 sales beats forecast boosted by Latin America demand 