Syngenta Q1 sales slip 3%

Agrochemicals company Syngenta AG said Thursday that first-quarter sales slipped 3 percent to $3.5 billion, with the weaker dollar helping to offset otherwise worse losses.

Sales slipped 8 percent in volume and at constant exchange rates compared to the strong start in 2009, the Basel-based company said.

This years performance in the first quarter was hampered by a prolonged European winter that delayed planting, new legislation and credit terms, and increased competition for herbicides and other products in North America. In Latin America, however, there was stronger growth, Syngenta said.
Crop protection products comprised over two-thirds of all sales but fell 3 percent. Seed sales dropped 2 percent.

Syngenta doesnt post quarterly earnings.

It said business was picking up in the Northern Hemisphere after a slow start, and that would help clear inventories which have helped push crop protection prices lower.

Syngenta said it expects volume growth in the second quarter and that lower raw material costs, favorable currency movements and better seed margins would help results.

Syngenta shares rose 1.2 percent to 281.10 Swiss francs ($266.99) in early morning Zurich trading.

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