Chemtura agrochem sales up 15% in Q1 2014
Date:07-07-2014
Chemtura AgroSolutions’ net sales rose by 14.8% to $101 million in the first quarter ended Mar 31st 2014. Net sales increased $13 million resulting from $13 million in higher sales volume and $4 million in higher selling prices, partly offset by $4 million of unfavorable foreign currency translation.
Operating income increased by 69.2% to $22 million. The increase in operating income reflected favorable sales volume and product mix changes of $11 million and higher selling prices of $4 million partly offset by higher SGA&R(general and administrative cost and R&D cost ) of $2 million, unfavorable foreign currency translation of $2 million and an increase in other costs of $2 million.
The company continued to experience strong market demand for pest control products for the soybean market in Latin America and miticides in North America. Increases in SGA&R are primarily attributable to additional selling, marketing and bad debt reserves associated with the higher sales volume.
In April, Chemtura has cut a definitive deal to divest its agrochemicals business Chemtura AgroSolutions to Florida-based specialty chemicals maker Platform Specialty Products Corporation for roughly $1 billion.
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Chemtura AgroSolutions’ sales result ($ million)
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Q1ended Mar. 31
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Q1 2014
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Q1 2013
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% change
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Net sales
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101
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88
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14.8
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Operating income
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22
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13
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69.2
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