Syngenta sees bigger hit from weak emerging market currencies

|About: Syngenta AG (SYT)|By:, SA News Editor

Syngenta (SYT) +1.7% premarket after reporting Q1 sales rose 2% to $4.68B, in line with analyst expectations, helped by a strong start to the European season and growth in emerging markets; excluding exchange rate moves, sales climbed 5%.

Expects weaker currencies to knock ~$100M off FY 2014 EBITDA, particularly the devaluation of Ukraine's hryvnia, compared with an earlier forecast for a $50M impact; SYT gets 4%-5% of its total sales from the Commonwealth of Independent States, which includes Ukraine.

Mild weather in Europe helped the planting season get off to a strong start and sales in its Europe, Africa and Middle East region rose 10%, helping compensate for a 7% drop in sales in North America, where a cold winter has delayed the start of planting.