Syngenta H1 Profit Declines On Weak Volume, Pricing - Quick Facts

(RTTNews) - Swiss agriculture company Syngenta AG (SYT) reported Wednesday that its first-half net income was $928 million, down 13 percent from $1.06 billion last year.

Earnings per share, excluding restructuring and impairment, were $12.32, compared to $12.69 last year.

EBITDA, a key earnings metric, was 5 percent lower to $1.68 billion, and EBITDA margin dropped to 24.2 percent from prior year's 24.9 percent, reflecting lower volumes and prices.

Sales declined 2 percent to $6.92 billion from $7.09 billion last year. Sales fell 2 percent at constant currency.

Sales of new products, however, climbed 33 percent.

Erik Fyrwald, Chief Executive Officer, said, "Looking ahead, we will be focused on profitable market share growth and on our ambition - to be the most collaborative and trusted team in agriculture... I am delighted that we recently received import approval in China for the Agrisure Duracade trait. Obtaining the regulatory approval opens up new opportunities for our corn seed portfolio, giving US growers access to exciting new hybrids as well as the latest in corn rootworm technology."