Syngenta Q3 Sales Rise; Backs FY13 Sales Forecast - Quick Facts

(RTTNews) - Swiss agribusiness firm Syngenta AG (SYT) reported Thursday that its sales in the third quarter increased 8 percent from last year, boosted by growth in all regions. The company also maintained its fiscal 2013 sales target.

For the third quarter, sales increased 8 percent to $2.92 billion from last year's $2.70 billion. Sales increased 11 percent at constant exchange rates.

In Latin America, sales rose 11 percent with a strong start to the season. The main driver was Brazil, where the soybean seed portfolio outperformed in a strong market. In Asia Pacific, emerging markets registered double digit growth.

Sales in Europe, Africa and the Middle East continued to grow. Growth in North America was driven by pre-season demand for selective herbicides.

Looking ahead, Mike Mack, Chief Executive Officer said, "Following a good start to the Latin American season, we remain on track to deliver full year sales growth in line with our longer term target. .. Full year earnings will also reflect a lower than expected currency benefit. Final results will depend on the progress of the Latin American season but at this stage earnings per share are expected to be close to last year's underlying level."

"Looking further ahead, we remain on track to deliver our target of $25 billion in sales of our eight key crops in 2020. We expect improved profitability in 2014 and maintain our target of an EBITDA margin in the range of 22 to 24 percent in 2015," Mack added.