Syngenta 1Q Revenue Down 4% On Strong Dollar, Keeps Growth Goal

Swiss agrochemical company Syngenta AG (SYT) Wednesday reported a worse-than-expected 4% drop in first-quarter sales, mainly due to the rise in the dollar, but confirmed its 2009 earnings growth goal.

The Basel-based producer of crop protection chemicals and seeds said sales in the three months to March 31 fell to $3.6 billion, from $3.79 billion a year ago.

A poll of five analysts surveyed by Dow Jones Newswires had forecast sales of $3.74 billion in the first three months of the year.

The company said it still expects its 2009 fully diluted earnings per share, excluding non-recurring income, restructuring and impairments, to be above 2008.

Syngenta's shares closed Tuesday at CHF221.50. The shares have fallen about 24% in the past 12 months, but are up 14% year-to-date owing to continuous strong demand from the agricultural markets.

Company Web Site: www.syngenta.com

-By Julia Mengewein, Dow Jones Newswires; [phone]; [e-mail]