whitesoul9
Forumer storico
grande denaro su ineos che oggi rivede quota 55 ... sarà solo merito del prezzo del petrolio o questo bond potrà fare ancora strada?
Obbligazioni societarie Monitor bond Chimica Europa
- Creatore Discussione lorenzo63
- Data di Inizio
Imark
Forumer storico
300.000 euro di nominale scambiati complessivamente sui mercati tedeschi oggi, ossia 150.000 euro e spicci di soldi veri... è un emissione da 1,75 mld euro...
L'outlook compartimentale è ancora molto severo per un paio di anni buoni...
lorenzo63
Age quod Agis
Giusto.
E nel compartimento, Ineos è fanalino di coda per i motivi che in questo 3D sono stati spiegati.
Imark
Forumer storico
Fra i produttori di gas industriali, Air Products è la principale delle aziende USA (in Europa, come visto in passato, le principali sono L'Air Liquide e Linde).
Arriva la trimestrale, con giro di affari in calo del 22%, utile netto del 6,8% e margine lordo in salita di due punti pct a quota 27,4%. Anche qui dunque per ora è il taglio dei costi a contenere il calo degli utili, insieme con un programma di vendita di asset ritenuti esterni al core business.
Rileva un progressivo aumento di domanda per i propri prodotti.
DOW JONES NEWSWIRES Air Products & Chemicals Inc.'s (APD) fiscal fourth-quarter profit fell a less-than-feared 6.8% as sales continued to decline, but it said it is seeing a pickup in business.
Air Products said much of the 22% revenue drop was due to lower prices and currency changes. Meanwhile, the company saw lower volumes in its merchant gases and electronic and performance materials segments.
"Sequentially, we are seeing volume improvement in all our businesses," said Chief Executive John McGlade. "We see significant future opportunities in the evolving energy, environment and emerging market sectors."
The industrial gas maker has cut staff and costs as it has streamlined its portfolio amid declining sales. The company on Monday sold its Norwegian inert gas generation business and earlier this quarter, it shed its polyurethane prepolymers business. The company noted Wednesday it had completed its planned divestiture in the U.S. health care business.
For the quarter ended Sept. 30, Air Products reported earnings of $243.9 million, or $1.13 a share, down from $261.6 million, or $1.21, a year earlier. Sales fell to $2.13 billion. Analysts polled by Thomson Reuters had most most recently forecast earnings of $1.12 a share on $2.09 billion in sales.
Gross margin rose to 27.4% from 25.3%.
Looking ahead, the company said it expects fiscal first-quarter earnings of $1.07 to $1.15 a share and a profit of $4.65 to $4.90 for the year. Analysts on average projected $1.14 and $4.76, respectively.
Shares closed at $83.24 Tuesday and didn't trade premarket. They have gained 66% this year.
Arriva la trimestrale, con giro di affari in calo del 22%, utile netto del 6,8% e margine lordo in salita di due punti pct a quota 27,4%. Anche qui dunque per ora è il taglio dei costi a contenere il calo degli utili, insieme con un programma di vendita di asset ritenuti esterni al core business.
Rileva un progressivo aumento di domanda per i propri prodotti.
- OCTOBER 21, 2009, 6:29 A.M. ET
DOW JONES NEWSWIRES Air Products & Chemicals Inc.'s (APD) fiscal fourth-quarter profit fell a less-than-feared 6.8% as sales continued to decline, but it said it is seeing a pickup in business.
Air Products said much of the 22% revenue drop was due to lower prices and currency changes. Meanwhile, the company saw lower volumes in its merchant gases and electronic and performance materials segments.
"Sequentially, we are seeing volume improvement in all our businesses," said Chief Executive John McGlade. "We see significant future opportunities in the evolving energy, environment and emerging market sectors."
The industrial gas maker has cut staff and costs as it has streamlined its portfolio amid declining sales. The company on Monday sold its Norwegian inert gas generation business and earlier this quarter, it shed its polyurethane prepolymers business. The company noted Wednesday it had completed its planned divestiture in the U.S. health care business.
For the quarter ended Sept. 30, Air Products reported earnings of $243.9 million, or $1.13 a share, down from $261.6 million, or $1.21, a year earlier. Sales fell to $2.13 billion. Analysts polled by Thomson Reuters had most most recently forecast earnings of $1.12 a share on $2.09 billion in sales.
Gross margin rose to 27.4% from 25.3%.
Looking ahead, the company said it expects fiscal first-quarter earnings of $1.07 to $1.15 a share and a profit of $4.65 to $4.90 for the year. Analysts on average projected $1.14 and $4.76, respectively.
Shares closed at $83.24 Tuesday and didn't trade premarket. They have gained 66% this year.
Imark
Forumer storico
Sempre nell'ottica del recupero di materiali arretrati da postare...
La disamina di Moody's sul bond di K+S punta alla situazione della liquidità, per la quale Moody's si attende ulteriori misure volte ad irrobustirla...
Moody's assigns a provisional (P) Baa2 rating to proposed EUR750 million Senior Unsecured Bonds
Frankfurt, September 17, 2009 -- Moody's Investors Service has today assigned a provisional (P) Baa2 rating to the proposed EUR750 million of Senior Unsecured Bonds to be issued by K+S AG. The Long Term Issuer rating remains unchanged at Baa2. The outlook on the ratings is negative.
The issuance of the proposed EUR750 million Senior Unsecured Bonds will improve the liquidity profile of K+S by diversifying its funding structure away from a pure bank debt structure and by facilitating the funding of the acquisition of Morton Salt.
Moody's notes that the new bond does not resolve the issue from a potential covenant breach at year end as K+S will still have to draw under bank facilities to fund the acquisition of Morton Salt.
The agency will continue to closely monitor in the short term the measures implemented by the management of K+S to further improve its liquidity profile.
The assignment of a definitive rating to the new EUR750 million Senior Unsecured Bonds is subject to a review of the associated documentation.
Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only represent Moody's preliminary opinion. Upon a conclusive review of the associated documentation, Moody's will endeavor to assign definitive ratings to the securities. A definitive rating may differ from a provisional rating.
[FONT="]The last rating action was on 04 September 2009, when the outlook on K+S' Long Term Issuer rating was changed to negative from stable. [/FONT]
Imark
Forumer storico
Trimestrale di Dow Chemicals. A luglio aveva pronosticato una ripresa nel Q3, adesso sembra meno ottimista, parlando piuttosto di stabilizzazione delle condizioni del mercato americano per le proprie produzioni, con un lieve recupero, mentre per una ripresa di una qualche consistenza ci sarà da attende perché le stime per l'ultimo trimestre del 2009 sono di andamento piatto.
Anche qui il grosso del lavoro è stato fatto sul taglio dei costi e sui disinvestimenti, fra i quali la cessione di Morton Salt, acquistata da K+S.
Rammento che Dow si trova a dover ripagare il debito per 16 e rotti mld $ contratto all'atto dell'acquisto di Rohm & Haas.
In pillole, giro di affari in calo del 22%, il volume delle tre aree di produzione più importanti del 30% circa cadauna. Il margine lordo operativo è salito al 13,8% contro il 9.3% (suppongo su base annua) per effetto dei tagli.
OCTOBER 22, 2009, 7:16 A.M. ET Dow Chemical's Net Soars 86% on Divestiture Gains
Dow Chemical Co.'s third-quarter profit soared 86% on divestiture gains. The chemical maker's core results beat Wall Street's expectations amid cost cuts and other moves designed to boost profitability.
Chairman and Chief Executive Andrew Liveris said the economic outlook for the rest of year "appears to be stabilizing," with strong growth in Asia Pacific, especially China. The U.S. he added, is "now on firmer footing," and its economy is "beginning a slow and tenuous recovery."
The chemical sector, seen as an economic bellwether, has been hurt as cutbacks in overall spending depress orders. In July, Dow forecast an upswing in third-quarter business conditions, but Mr. Liveris ruled out a significant turnaround for the rest of the year.
The company is in the midst of reorganizing its business to absorb its $16.3 billion acquisition of Rohm & Haas and manage the heavy debt load it incurred in the purchase. Dow has been selling assets, most recently the $1.68 billion sale of its Morton Salt business. Dow also has been shifting its focus to high-tech, specialized materials from low-margin commodity chemicals.
Dow's profit rose to $796 million, or 63 cents a share, from $428 million, or 46 cents a share, a year earlier. The latest quarter's profit included a net 39 cents in gains. Revenue dropped 22% to $12.05 billion.
Analysts polled by Thomson Reuters were expecting earnings, excluding items, of 10 cents a share on revenue of $11.84 billion.
Gross margin rose to 13.8% from 9.3%.
Volume fell 9%. In the company's three biggest businesses, sales of basic plastics tumbled 31% while performance products fell 33% and performance systems dropped 30%.
Anche qui il grosso del lavoro è stato fatto sul taglio dei costi e sui disinvestimenti, fra i quali la cessione di Morton Salt, acquistata da K+S.
Rammento che Dow si trova a dover ripagare il debito per 16 e rotti mld $ contratto all'atto dell'acquisto di Rohm & Haas.
In pillole, giro di affari in calo del 22%, il volume delle tre aree di produzione più importanti del 30% circa cadauna. Il margine lordo operativo è salito al 13,8% contro il 9.3% (suppongo su base annua) per effetto dei tagli.
OCTOBER 22, 2009, 7:16 A.M. ET Dow Chemical's Net Soars 86% on Divestiture Gains
Dow Chemical Co.'s third-quarter profit soared 86% on divestiture gains. The chemical maker's core results beat Wall Street's expectations amid cost cuts and other moves designed to boost profitability.
Chairman and Chief Executive Andrew Liveris said the economic outlook for the rest of year "appears to be stabilizing," with strong growth in Asia Pacific, especially China. The U.S. he added, is "now on firmer footing," and its economy is "beginning a slow and tenuous recovery."
The chemical sector, seen as an economic bellwether, has been hurt as cutbacks in overall spending depress orders. In July, Dow forecast an upswing in third-quarter business conditions, but Mr. Liveris ruled out a significant turnaround for the rest of the year.
The company is in the midst of reorganizing its business to absorb its $16.3 billion acquisition of Rohm & Haas and manage the heavy debt load it incurred in the purchase. Dow has been selling assets, most recently the $1.68 billion sale of its Morton Salt business. Dow also has been shifting its focus to high-tech, specialized materials from low-margin commodity chemicals.
Dow's profit rose to $796 million, or 63 cents a share, from $428 million, or 46 cents a share, a year earlier. The latest quarter's profit included a net 39 cents in gains. Revenue dropped 22% to $12.05 billion.
Analysts polled by Thomson Reuters were expecting earnings, excluding items, of 10 cents a share on revenue of $11.84 billion.
Gross margin rose to 13.8% from 9.3%.
Volume fell 9%. In the company's three biggest businesses, sales of basic plastics tumbled 31% while performance products fell 33% and performance systems dropped 30%.
Imark
Forumer storico
Trimestrale di Syngenta: l'agrochimica fa fatica anch'essa, ma continua ad andare relativamente meglio di altri sottocomparti del settore... la società vede migliori prospettive di crescita nel 2010, soprattutto per quanto riguarda i mercati emergenti.
La società conferma l'intenzione di effettuare un'acquisizione, anche significativa (aveva mostrato interesse per l'agrochimica di Dow Chemicals, che poi però non è stata dismessa dagli americani) oppure di ritornare più cash agli azionisti.
Il calo del valore delle vendite nel Q3/2009 si è attestato al 12% su base annua, e dell'8% escludendo l'incidenza dell'andamento dei cambi.
Conferma per il 2009 un livello di utile per azione prossimo a quello del 2009, che fu un anno di crescita record...
UPDATE 2-Syngenta sees better prospects, growth in 2010
Fri Oct 23, 2009 4:19am EDT
* Q3 sales $2.0 billion, in line with forecast
* Confirms full-year guidance
* Shares rise 3.7 percent
(Rewrites, adds interview, detail, analyst comment and shares)
By Sam Cage and Andrew Thompson
ZURICH, Oct 23 (Reuters) - Syngenta AG (SYNN.VX), the world's largest agrochemicals maker, is more optimistic about its prospects for 2010 and sees a return to growth, its chief executive told Reuters on Friday.
Syngenta, which makes products to kill weeds and bugs as well as genetically modified seeds, posted a 12 percent drop in third-quarter sales to $2.0 billion, hurt by adverse weather hitting demand for its pesticides, and broadly in line with forecasts.
The group confirmed its full-year guidance for earnings per share to be close to its 2008 level and chief executive Mike Mack said headwinds like currency and raw materials costs were now easing.
"Emerging markets are offering some signs of stabilisation, so frankly the conditions are in place for some growth ahead next year and I'm cautiously optimistic for 2010," he said in a phone interview.
Agricultural suppliers like Syngenta, as well as Canadian fertiliser Potash Corp (POT.TO) and Germany's K+S (SDFG.DE), have been struggling with lower sales as prices for farmers' products have fallen.
Syngenta shares rose 3.7 percent to 260.00 Swiss francs by 0742 GMT, outfperforming the the DJ Stoxx European chemicals sector .SX4P0, which was up 1.4 percent.
"For 2010, we expect good growth on reversal of several factors -- credit cycle, currency, weather -- plus a boost from new products and capacities," said Kepler Capital Markets analyst Florian Gaiser.
CASH RETURN OR BIG BUY?
Syngenta had said it could consider bidding for Dow Chemical's (DOW.N) agricultural sciences unit if it were put up for sale, but the U.S. group has since said it wanted to hang on to the business for now.
The Swiss group could now consider returning cash to shareholders or going after more acquisitions, and did not rule out a major buy.
"Our history also has us sometimes returning cash to shareholders in the years where we're not otherwise competing with growth projects. So we'll take a look at all of those things," Mack said.
Syngenta trades at about 14 times forecast 2010 earnings, a discount to U.S. rival Monsanto (MON.N) and in line with the wider DJ Stoxx European chemicals sector .SX4P. "In the main, given some of the economic and weather challenges of the year we feel we the year is progressing about as well as it can," Mack added. (Editing by Hans Peters)
----
Syngenta quarterly sales drop 12%
LONDON (MarketWatch) -- Syngenta said Friday that its third-quarter sales fell 12% to $2 billion from $2.28 billion a year earlier.
Excluding the impact of exchange rate fluctuations, sales for the quarter were down 8%. The company said its crop protection sales fell 10% at constant exchange rates, and were down 4% excluding the impact of glyphosphate pricing.
The fall was due to a shorter season with lower pest pressure, as well as credit constraints in Eastern Europe.
For the full year, Syngenta said it is targeting earnings per share close to the record level achieved in 2008
La società conferma l'intenzione di effettuare un'acquisizione, anche significativa (aveva mostrato interesse per l'agrochimica di Dow Chemicals, che poi però non è stata dismessa dagli americani) oppure di ritornare più cash agli azionisti.
Il calo del valore delle vendite nel Q3/2009 si è attestato al 12% su base annua, e dell'8% escludendo l'incidenza dell'andamento dei cambi.
Conferma per il 2009 un livello di utile per azione prossimo a quello del 2009, che fu un anno di crescita record...
UPDATE 2-Syngenta sees better prospects, growth in 2010
Fri Oct 23, 2009 4:19am EDT
* Q3 sales $2.0 billion, in line with forecast
* Confirms full-year guidance
* Shares rise 3.7 percent
(Rewrites, adds interview, detail, analyst comment and shares)
By Sam Cage and Andrew Thompson
ZURICH, Oct 23 (Reuters) - Syngenta AG (SYNN.VX), the world's largest agrochemicals maker, is more optimistic about its prospects for 2010 and sees a return to growth, its chief executive told Reuters on Friday.
Syngenta, which makes products to kill weeds and bugs as well as genetically modified seeds, posted a 12 percent drop in third-quarter sales to $2.0 billion, hurt by adverse weather hitting demand for its pesticides, and broadly in line with forecasts.
The group confirmed its full-year guidance for earnings per share to be close to its 2008 level and chief executive Mike Mack said headwinds like currency and raw materials costs were now easing.
"Emerging markets are offering some signs of stabilisation, so frankly the conditions are in place for some growth ahead next year and I'm cautiously optimistic for 2010," he said in a phone interview.
Agricultural suppliers like Syngenta, as well as Canadian fertiliser Potash Corp (POT.TO) and Germany's K+S (SDFG.DE), have been struggling with lower sales as prices for farmers' products have fallen.
Syngenta shares rose 3.7 percent to 260.00 Swiss francs by 0742 GMT, outfperforming the the DJ Stoxx European chemicals sector .SX4P0, which was up 1.4 percent.
"For 2010, we expect good growth on reversal of several factors -- credit cycle, currency, weather -- plus a boost from new products and capacities," said Kepler Capital Markets analyst Florian Gaiser.
CASH RETURN OR BIG BUY?
Syngenta had said it could consider bidding for Dow Chemical's (DOW.N) agricultural sciences unit if it were put up for sale, but the U.S. group has since said it wanted to hang on to the business for now.
The Swiss group could now consider returning cash to shareholders or going after more acquisitions, and did not rule out a major buy.
"Our history also has us sometimes returning cash to shareholders in the years where we're not otherwise competing with growth projects. So we'll take a look at all of those things," Mack said.
Syngenta trades at about 14 times forecast 2010 earnings, a discount to U.S. rival Monsanto (MON.N) and in line with the wider DJ Stoxx European chemicals sector .SX4P. "In the main, given some of the economic and weather challenges of the year we feel we the year is progressing about as well as it can," Mack added. (Editing by Hans Peters)
----
Syngenta quarterly sales drop 12%
LONDON (MarketWatch) -- Syngenta said Friday that its third-quarter sales fell 12% to $2 billion from $2.28 billion a year earlier.
Excluding the impact of exchange rate fluctuations, sales for the quarter were down 8%. The company said its crop protection sales fell 10% at constant exchange rates, and were down 4% excluding the impact of glyphosphate pricing.
The fall was due to a shorter season with lower pest pressure, as well as credit constraints in Eastern Europe.
For the full year, Syngenta said it is targeting earnings per share close to the record level achieved in 2008
lorenzo63
Age quod Agis
Dow Chemical's Net Soars 86% on Divestiture Gains
Dow ha venduto attività ritenute nn strategiche, nn core business+ tagli costi ed ha battuto le stime degli analisti di ws.
Secondo il loro CEO l' ultima parte dell' anno sara' di stabilizzazione con forte crescita sopratutto in cina. gli USA invece stanno iniziando un basso e lento recupero...
Stanno cercando di rifocalizzare il loro business dopo la pesante acquisizione di rohm & haas puntando ad esempio su segmenti a piu' elevato valore aggiunto (materiali high tech) partendo da commodity ( in altre parole modificano qualche commodity, rendendola una specialty triplicando il prezzo..
)...Quindi sta seguendo il destino dei grandi gruppi che sta guardando sempre piu' a est.
Dow Chemical Co.'s third-quarter profit soared 86% on divestiture gains. The chemical maker's core results beat Wall Street's expectations amid cost cuts and other moves designed to boost profitability.
Chairman and Chief Executive Andrew Liveris said the economic outlook for the rest of year "appears to be stabilizing," with strong growth in Asia Pacific, especially China. The U.S. he added, is "now on firmer footing," and its economy is "beginning a slow and tenuous recovery."
The chemical sector, seen as an economic bellwether, has been hurt as cutbacks in overall spending depress orders. In July, Dow forecast an upswing in third-quarter business conditions, but Mr. Liveris ruled out a significant turnaround for the rest of the year.
The company is in the midst of reorganizing its business to absorb its $16.3 billion acquisition of Rohm & Haas and manage the heavy debt load it incurred in the purchase. Dow has been selling assets, most recently the $1.68 billion sale of its Morton Salt business. Dow also has been shifting its focus to high-tech, specialized materials from low-margin commodity chemicals.
Dow's profit rose to $796 million, or 63 cents a share, from $428 million, or 46 cents a share, a year earlier. The latest quarter's profit included a net 39 cents in gains. Revenue dropped 22% to $12.05 billion.
Analysts polled by Thomson Reuters were expecting earnings, excluding items, of 10 cents a share on revenue of $11.84 billion.
Gross margin rose to 13.8% from 9.3%.
Volume fell 9%. In the company's three biggest businesses, sales of basic plastics tumbled 31% while performance products fell 33% and performance systems dropped 30%
Dow ha venduto attività ritenute nn strategiche, nn core business+ tagli costi ed ha battuto le stime degli analisti di ws.
Secondo il loro CEO l' ultima parte dell' anno sara' di stabilizzazione con forte crescita sopratutto in cina. gli USA invece stanno iniziando un basso e lento recupero...
Stanno cercando di rifocalizzare il loro business dopo la pesante acquisizione di rohm & haas puntando ad esempio su segmenti a piu' elevato valore aggiunto (materiali high tech) partendo da commodity ( in altre parole modificano qualche commodity, rendendola una specialty triplicando il prezzo..
)...Quindi sta seguendo il destino dei grandi gruppi che sta guardando sempre piu' a est.Dow Chemical Co.'s third-quarter profit soared 86% on divestiture gains. The chemical maker's core results beat Wall Street's expectations amid cost cuts and other moves designed to boost profitability.
Chairman and Chief Executive Andrew Liveris said the economic outlook for the rest of year "appears to be stabilizing," with strong growth in Asia Pacific, especially China. The U.S. he added, is "now on firmer footing," and its economy is "beginning a slow and tenuous recovery."
The chemical sector, seen as an economic bellwether, has been hurt as cutbacks in overall spending depress orders. In July, Dow forecast an upswing in third-quarter business conditions, but Mr. Liveris ruled out a significant turnaround for the rest of the year.
The company is in the midst of reorganizing its business to absorb its $16.3 billion acquisition of Rohm & Haas and manage the heavy debt load it incurred in the purchase. Dow has been selling assets, most recently the $1.68 billion sale of its Morton Salt business. Dow also has been shifting its focus to high-tech, specialized materials from low-margin commodity chemicals.
Dow's profit rose to $796 million, or 63 cents a share, from $428 million, or 46 cents a share, a year earlier. The latest quarter's profit included a net 39 cents in gains. Revenue dropped 22% to $12.05 billion.
Analysts polled by Thomson Reuters were expecting earnings, excluding items, of 10 cents a share on revenue of $11.84 billion.
Gross margin rose to 13.8% from 9.3%.
Volume fell 9%. In the company's three biggest businesses, sales of basic plastics tumbled 31% while performance products fell 33% and performance systems dropped 30%
lorenzo63
Age quod Agis
Syngenta 3Q Sales Fall 12%, But Confirms 2009 EPS Goal
ZURICH (Dow Jones)--Agrochemicals company Syngenta AG (SYT) Friday confirmed it expects 2009 earnings per share to come in near last year's level and said it was cautiously optimistic for next year, despite reporting a steeper-than-expected 12% fall in third-quarter sales.
Sales for the period under review dropped 12% to $2 billion, missing the $2.05 billion forecast by the eight analysts polled by Dow Jones. The company blamed the drop on lower prices for some of its herbicides, credit constraints in Eastern Europe and fewer pests due to a cold winter in Europe and North America.
Syngenta said its sales prices fell 2% in the third quarter, which was mainly due to a 60% slump in prices for herbicides based on glyphosate.
"The sales figures are clearly below our estimates and glyphosate products must have performed weakly. And even though they contribute only around 6% to Syngenta's sales, the company felt a hit this time," said Vontobel analyst Patrick Rafaisz, who rates the stock at buy.
"But shares may see some support from the confirmed guidance," Rafaisz added. Pre-market, Syngenta shares are indicated 0.3% higher after closing at 250.75 Swiss francs ($249.25) Thursday.
Syngenta Chief Executive Mike Mack said in a telephone interview with Dow Jones Newswires he is cautiously optimistic for 2010, as some negative effects seen this year should ease in the coming quarters.
"Raw materials are set to fall further and the credit situation for farmers has improved from one year ago," he said.
Chief Financial Officer John Ramsay said raw material costs were down in the third quarter, although he declined to give a percentage figure. He added that negative currency impacts will also continue to ease as the year progresses, which makes the company confident of reaching its 2009 EPS goal.
He confirmed earlier statements that Syngenta sales for the full year will fall, but not as much as the 9% in the first half of 2009.
Syngenta shares, which closed Thursday at CHF250.75, have gained 29% year-to-date, bang in line with the European Chemicals sector (Stoxx 600), which rose 29% over the period.
The company trades at 10.8 times enterprise value of its 2010 Ebitda, according UniCredit estimates. That makes it more expensive than most of its European peers which trade on an average of 8.1x
ZURICH (Dow Jones)--Agrochemicals company Syngenta AG (SYT) Friday confirmed it expects 2009 earnings per share to come in near last year's level and said it was cautiously optimistic for next year, despite reporting a steeper-than-expected 12% fall in third-quarter sales.
Sales for the period under review dropped 12% to $2 billion, missing the $2.05 billion forecast by the eight analysts polled by Dow Jones. The company blamed the drop on lower prices for some of its herbicides, credit constraints in Eastern Europe and fewer pests due to a cold winter in Europe and North America.
Syngenta said its sales prices fell 2% in the third quarter, which was mainly due to a 60% slump in prices for herbicides based on glyphosate.
"The sales figures are clearly below our estimates and glyphosate products must have performed weakly. And even though they contribute only around 6% to Syngenta's sales, the company felt a hit this time," said Vontobel analyst Patrick Rafaisz, who rates the stock at buy.
"But shares may see some support from the confirmed guidance," Rafaisz added. Pre-market, Syngenta shares are indicated 0.3% higher after closing at 250.75 Swiss francs ($249.25) Thursday.
Syngenta Chief Executive Mike Mack said in a telephone interview with Dow Jones Newswires he is cautiously optimistic for 2010, as some negative effects seen this year should ease in the coming quarters.
"Raw materials are set to fall further and the credit situation for farmers has improved from one year ago," he said.
Chief Financial Officer John Ramsay said raw material costs were down in the third quarter, although he declined to give a percentage figure. He added that negative currency impacts will also continue to ease as the year progresses, which makes the company confident of reaching its 2009 EPS goal.
He confirmed earlier statements that Syngenta sales for the full year will fall, but not as much as the 9% in the first half of 2009.
Syngenta shares, which closed Thursday at CHF250.75, have gained 29% year-to-date, bang in line with the European Chemicals sector (Stoxx 600), which rose 29% over the period.
The company trades at 10.8 times enterprise value of its 2010 Ebitda, according UniCredit estimates. That makes it more expensive than most of its European peers which trade on an average of 8.1x
lorenzo63
Age quod Agis
Ineos Technologies has signed a contract to license its Innovene S high-density polyethylene (HDPE) and Innovene polypropylene (PP) technology to Yulin Energy and Chemical Co., a part of China's Yanchang Petroleum Group. The Shaanxi, China based complex will be designed to produce 300,000 m.t./year each of PP and HDPE. The plants will produce a wide range of products to serve the growing demand in China, Ineos says. The PP plant will be designed to produce the full range of products, including homo-, random and impact copolymers.
Similar threads
