Chemtura AgroSolutions sales up 21% in Q2 2013

Chemtura AgroSolutions’ net sales increased $23 million or 20.5% to $135 million in the second quarter ended Jun 30, 2013. The $23 million rise resulted from $21 million in higher sales volume and $3 million in higher selling prices partly offset by $1 million of unfavorable foreign currency translation. North America led the growth, seeing strong demand for Chemtura miticide products, followed by Latin America, the company said. . China also saw strong growth while Europe was at comparable levels to the second quarter of 2012 due to unseasonably wet conditions, Chemtura stated.

Chemtura AgroSolutions’ sales result ($million)
Q2 ended Jun. 30	Q2 2013	Q2 2012	% change	Six-month 2013	Six-month 2012	% change
Sales	135	112	+20.5	223	197	+13.2
Operating income	32	23	+39.1	45	33	+36.4
EBITDA	35	29	+20.7	51	41	+24.3

Second-quarter Operating income of second quarter rose $9 million or 39.1% to $32 million reflecting $8 million from higher sales volume and product mix changes, the higher selling prices and a $2 million decrease in other costs, offset in part by $2 million in higher SGA&R costs and $2 million in higher manufacturing costs.Operating income reflected the benefit of an increase in selling prices and higher volumes offset by higher manufacturing costs and slightly higher SGA&R costs. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 20.7% to $35 million.

For the first six months of 2013, Chemtura AgroSolutions’ net sales increased by 13.2% to $223 million, and operating income were up by 36.4% to $45 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 24.3% to $51 million.