Nov. 12, 2007
Increased sales in North America and Europe contributed to a 10.7% rise in Chemtura's crop protection revenues to $83 million in the third quarter of 2007. Some $7 million of the $8 million revenue gain was due to higher volumes, according to Chemtura chief financial officer Stephen Forsyth.
The higher sales volumes, coupled with the lack of the Brazilian bad debt provision in the same period last year, resulted in operating profit more than doubling to $16 million. Earnings benefited from a $7 million gain related to Brazilian accounts. Volume and product portfolio effects raised operating profit by 42%, while prices and currency effects impacted earnings negatively by 14% and 9%, respectively. Chemtura points to a rise in operating profit of 129%, but this is not reflected in the rounded figures now supplied.
Chemtura's crop protection results ($ million)
3rd qtr ended Sept 30th 2006 % change 2007
Sales 75 +10.7 83
Operating profit 8 +100.0 16
Sales 239 + 9.2 261
Operating profit 44 +29.5 57