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1ST QUARTER: SYNGENTA'S SALES UP 3%, EARNINGS UP 1%: $1.9 BILLION
May 2, 2023
Source: Syngenta Group news release
Basel, Switzerland -- Syngenta Group today announced financial results for the first quarter of 2023. Sales for the first quarter 2023 were $9.2 billion, up $0.3 billion or 3 percent (+8% at CER), compared to a strong first quarter 2022.
First quarter 2023 EBITDA increased 1 percent (+9% at CER) from prior year to $1.9 billion.
All business units continued benefitting from demand for innovative products and services that promote yield increases and support regenerative farming methods that combat climate change, enhance soil health, and preserve biodiversity and water quality.
The Group continued to sustain higher prices to help offset higher costs. Seeds market growth remained robust while the market for crop protection non-selective herbicides has slowed as inventories are reduced through the supply chain.
All business units delivered growth except ADAMA which was particularly impacted by lower sales of its non-agricultural businesses in the US and China.
EBITDA margin for the Group was 20.2 percent.
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