Syngenta Meets Estimates as Cold Weather Delays Crop Planting
Syngenta AG (SYNN) reported sales that met estimates, buoyed by Brazilian operations that helped offset weaker demand for seeds and crop chemicals in parts of Europe as farmers delayed planting because of cold weather.
Syngenta sales rose 6 percent to $4.6 billion, the Swiss company reported. That met the $4.57 billion average of analyst estimates in Bloomberg data. Seeds rival Monsanto Co. (MON) reported fiscal second-quarter profit that beat analysts’ estimates April 3 as sales of its corn seed and Roundup weed killer climbed.
“Business momentum was sustained in the first quarter of 2013 despite adverse weather in March delaying northern hemisphere plantings,” Chief Executive Officer Michael Mack said in a statement.
Mack is betting that a company reorganization along crop lines will boost sales to $25 billion by 2020 from $14.2 billion last year.
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