Syngenta Q1 Sales Edge Down; Maintain FY17 Targets - Quick Facts

(RTTNews) - Syngenta (SYT), a Swiss agriculture company, reported Monday that its first-quarter group sales dropped 1 percent to $3.71 billion from $3.74 billion last year.

Volumes were stable and pricing slightly lower. The more favourable currency trend which began in the second half of 2016 continued, company noted.

Sales in Europe, Africa and the Middle East were unchanged despite a late start to the season in Northern and Central Europe, due to cold weather.

In North America, sales fell 4 percent with a decline in Seeds sales largely due to a timing difference in the receipt of trait royalties. Crop Protection sales showed robust growth driven by the ongoing success of TRIVAPRO, based on SOLATENOL.

In Latin America, sales were 3 percent lower. Dry weather in the second half of 2016, affecting the south of Brazil and Paraguay, reduced demand for fungicides and herbicides.

In Asia Pacific, sales were up 4 percent. The main driver was ASEAN, with a continuing good corn seed performance. China grew based on the adoption of fungicides, notably AMISTAR.

Erik Fyrwald, Chief Executive Officer, said, "While conditions for growers at the start of 2017 remain difficult, our business is steady and currencies are no longer a drag on our performance. For the full year we maintain our targets of low single digit growth in sales, an improvement in the EBITDA margin and strong free cash flow generation."