Chemtura AgroSolutions sales up 10% in 2013

Date:02-27-2014

Chemtura AgroSolutions’ net sales increased $9 million or 9% to $107 million in the fourth quarter ended December 31, 2013. The growth resulted from $9 million in higher sales volume and $5 million in higher selling prices partly offset by $5 million of unfavorable foreign currency translation.

Chemtura AgroSolutions’ sales result ($million)
Q4 ended Dec. 31	Q4 2013	Q4 2012	% change	Full Year 2013	Full Year 2012	% change
Sales	107	98	+9.2	449	409	+9.8
Operating income	19	11	+72.7	88	65	+35.4

Operating income in this quarter increased $8 million or 11% to $19 million. Operating income was favorably impacted by the higher selling prices, a $3 million increase in equity income which resulted from the sale of a product line by their ISEM S.r.l.("ISEM") joint venture, lower raw material costs of $2 million and a decrease in other costs of $1 million partly offset by unfavorable foreign currency translation of $3 million.

Chemtura AgroSolutions continued to experience strong market demand for insecticides products in Latin America, particularly in Brazil. Operating income also benefited from favorable manufacturing variances due to the higher sales volumes.

For the full year of 2013, Chemtura AgroSolutions’ net sales recorded a 10% increase to $ 449 million year-on-year. Operating income achieved some 35 % increase to $ 88 million compared with the same period of prior year.