Syngenta (SYT) Reports 16% Increase in Q3 Sales
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Syngenta (NYSE: SYT) reports sales in the third quarter of 2011 increased by 16 percent at constant exchange rates. Volume expanded by 13 percent, representing the sixth consecutive quarter of double digit growth, and prices rose 3 percent. In the first nine months of the year, sales were up 13 percent at constant exchange rates at $10.4 billion.
In Latin America, our leading offers enabled growth of 27 percent across the portfolio. A robust soybean crop price and the expectation of lower production in the USA are leading to increased investment by soybean growers in Brazil and Argentina. Corn sales were also up strongly with rapid adoption of both herbicides and traits. In Europe, Africa and the Middle East, sales increased by 10 percent led by France and the CIS. Expansion of the range is reinforcing our market-leading positions in both Russia and Ukraine. In North America, sales increased by 10 percent with broad-based volume growth in crop protection and slightly higher pricing. Seeds sales in the low season included normalized end-of-season rebates which compared with a positive adjustment in the third quarter of 2010. In Asia Pacific, where sales increased by 13 percent, robust growth in crop protection more than offset higher seeds returns in South East Asia.
In Latin America, our leading offers enabled growth of 27 percent across the portfolio. A robust soybean crop price and the expectation of lower production in the USA are leading to increased investment by soybean growers in Brazil and Argentina. Corn sales were also up strongly with rapid adoption of both herbicides and traits. In Europe, Africa and the Middle East, sales increased by 10 percent led by France and the CIS. Expansion of the range is reinforcing our market-leading positions in both Russia and Ukraine. In North America, sales increased by 10 percent with broad-based volume growth in crop protection and slightly higher pricing. Seeds sales in the low season included normalized end-of-season rebates which compared with a positive adjustment in the third quarter of 2010. In Asia Pacific, where sales increased by 13 percent, robust growth in crop protection more than offset higher seeds returns in South East Asia.
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