Chemtura AgroSolutions sales up 4% in Q2 2014

Date:07-30-2014

Chemtura AgroSolutions’ net sales increased 3.7% to $140 million in the second quarter ended on June 30th 2014. The growth resulted from $3 million in higher sales volume and $3 million in higher selling prices, partly offset by $1 million of unfavorable foreign currency translation.
 
Operating income increased $4 million in the second quarter of 2014 to $36 million. The increase in operating income reflected higher selling prices of $3 million, lower manufacturing costs of $3 million and favorable sales volume and product mix changes of $2 million, partly offset by higher SGA&R of $2 million and unfavorable foreign currency translation of $2 million.

Latin America reported strong demand for pest control products for the soybean market while Europe experienced overall favorable weather conditions compared to the prior year's wet growing season.

For the first six-month of 2014, net sales increased by 8.1% to $241 million, and operating income soared up by 28.9% to $58 million.

Chemtura continues to see expansion in cultivated acreage in Latin America which has increased its available market. Operating income reflected the benefit of this favorable volume coupled with favorable raw material and manufacturing costs which were partly offset by increased SGA&R as a result of the increase in demand and the impact of unfavorable foreign currency translation.

Chemtura AgroSolutions’ sales result ($ million)
Q2 ended June. 30	Q2 2014	Q2 2013	% change	six-month 2014	six-month 2013	% change
Net sales	140	135	+3.7	241	223	8.1
Operating income	36	32	12.5	58	45	28.9