Chemtura AgroSolutions sales up 4% in Q3 2013

Date:11-06-2013

Chemtura AgroSolutions’ net sales increased $5 million or 4.4% to $119 million in the third quarter ended Sep 30, 2013. The growth resulted from $6 million in higher selling prices and $3 million in higher sales volume partly offset by $4 million of unfavorable foreign currency translation. Operating income increased $3 million or14.3% to $24 million reflecting the higher selling prices, $2 million in lower manufacturing costs and $2 million in lower raw material costs, offset in part by $2 million in unfavorable foreign currency translation, $1 million from product mix changes, and a $2 million increase in other costs.

Chemtura AgroSolutions’ sales result ($million)
Q3 ended Sep. 30	Q3 2013	Q3 2012	% change	Nine-month 2013	Nine-month 2012	% change
Sales	119	114	+4.4	342	311	+10.0
Operating income	24	21	+14.3	69	54	+27.8

Chemtura AgroSolutions experienced strong market demand for insecticides and seed treatment products, particularly in Latin America. North America sales volumes declined from the same quarter in 2012 reflecting the relative timing of orders in 2013, having shifted from the third quarter to the second quarter. Sales volume in Europe benefited from strong weed pressure increasing demand for herbicides and adjuvants. Operating income also benefited from favorable manufacturing variances due to the higher sales volumes.

For the nine months of 2013, Chemtura AgroSolutions’ net sales recorded a 10% increase to $342 million year-on-year. Operating income increased by 27.8% to $69 million compared with the same period of prior year.