Syngenta sees bigger hit from weak emerging market currencies

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.

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  • funfundvierzig
    , contributor
    Comments (4659) | Send Message
    Syngenta continues its reign as the number one global maker of crop protection chemicals, leaving its much touted rival, the over-hyped DuPont Company, lagging behind in the dust. …funfun..
    16 Apr 2014, 09:11 AM Reply Like
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