Syngenta 1Q Revenue Down 4% On Strong Dollar, Keeps Growth Goal
April 15 2009 - 1:02AM
Dow Jones News
Swiss agrochemical company Syngenta AG (SYT) Wednesday reported
a worse-than-expected 4% drop in first-quarter sales, mainly due to
the rise in the dollar, but confirmed its 2009 earnings growth
goal.
The Basel-based producer of crop protection chemicals and seeds
said sales in the three months to March 31 fell to $3.6 billion,
from $3.79 billion a year ago.
A poll of five analysts surveyed by Dow Jones Newswires had
forecast sales of $3.74 billion in the first three months of the
year.
The company said it still expects its 2009 fully diluted
earnings per share, excluding non-recurring income, restructuring
and impairments, to be above 2008.
Syngenta's shares closed Tuesday at CHF221.50. The shares have
fallen about 24% in the past 12 months, but are up 14% year-to-date
owing to continuous strong demand from the agricultural
markets.
Company Web Site: www.syngenta.com
-By Julia Mengewein, Dow Jones Newswires; +41 43 443 80 45;
julia.mengewein@dowjones.com