Syngenta Q1 Sales Down, CER Sales Flat - Quick Facts

(RTTNews) - Swiss crop chemicals firm Syngenta AG (SYT) reported Wednesday that its first quarter sales of $3.7 billion declined 7 percent from last year, with the dollar remaining strong for most of the quarter.

Group sales including Lawn and Garden were unchanged at constant exchange rates.

At at constant exchange rates, integrated sales were unchanged as 2 percent lower volumes were offset by 2 percent higher prices.

Sales in Europe, Africa and the Middle East rose 6 percent, despite subdued grower sentiment, notably in France, as a result of low crop prices.

In North America, sales were 2 percent lower. Seeds sales increased, while Crop protection sales were lower, partly due to the deliberate reduction in glyphosate. The company noted that full year performance in crop protection will be driven by innovation, with 16 new products scheduled for launch.

Sales in Latin America were 12 percent lower and in Asia Pacific were 10 percent lower.

John Ramsay, Chief Executive Officer, said, "For the full year, our target of maintaining sales at constant exchange rates is underpinned by the contribution of new products. We are continuing our focus on Accelerating Operational Leverage (AOL) and are on track to realize our raised 2016 target of $300 million in incremental savings. Profitability will further benefit from a reduction in raw material costs."