AgroPages-Cheminova Q3 sales up 7% in 2014-Agricultural news

Cheminova Q3 sales up 7% in 2014

Related News

Cheminova’s sales posted a 6.7% increase to DKK 1,680 million in the third quarter of 2014. The company continued to show solid growth in revenues and earnings, parent company Auriga notes. Earnings before interest and tax (EBIT) in this quarter increased 18.1% to DKK 137 million. Gross profit grew 7.7% at DKK 487 million, while net profit declined by 5% to DKK 38 million y-o-y .

Cheminova is presented in Auriga’s quarterly statement as discontinuing operations, following agreement to divest Cheminova to FMC Corporation. Closing of the transaction is expected to take place early 2015.

Cheminova’s sales results (DKK million)
Q3ended Sep. 30	Q3 2014	Q3 2013	%Change	Nine-month 2014	Nine-month 2013	%Change
Sales	1,680	1,575	+6.7	5,413	5,096	+6.2
EBIT*	137	116	+18.1	629	556	+13.1
* earnings before interest and tax

For the first nine months of 2014, Cheminova business showed organic growth of 10%, lifting the reported revenue 6% to above DKK 5,400 million.

The gross profit increased 10% to DKK 1,687 million, leading to a gross margin of 31.2% for the nine month period. EBIT increased 13% to DKK 629 million, corresponding to an EBIT margin of 11.6% (10.9% last year) for the nine-month period.The net profit increased 8% to DKK 314 million.