Syngenta Turns To Profit In 2018

(RTTNews) - Syngenta AG (SYT) reported that its net income fiscal year 2018 was $1.438 billion compared to a loss of $98 million in 2017 reflecting provision for the US litigation settlement and one-off impacts from US tax changes; excluding these items, 2017 net income was $1.246 billion.

On the same basis, 2018 net income excluding restructuring was $1.375 billion with higher interest costs in 2018 after the $4.75 billion bond issue, while net income was $1.607 billion in 2017.

Sales of $13.5 billion were up 7 percent, 9 percent adjusted for 2017 sugar beet and mandated crop protection antitrust divestments. Crop protection sales of $10.4 billion increased 7 percent against 2017, 10 percent at CER and in dollars were 8 percent higher adjusted for antitrust divestments. Seeds sales of $3.0 billion were 6 percent higher than in 2017, 8 percent at CER and in dollars were 10 percent higher adjusted for the sugar beet divestment.

Syngenta said, "We will continue to improve productivity and focus on serving our customers through technology and services that meet their growing needs. Within this environment, we are confident that the trajectory of solid growth can be maintained."