logo
Plus   Neg
Share
Email

ChemChina-owned ADAMA Sees Lower Net Profit In Q1, Sales Above $1 Bln

Israeli crop protection products maker Adama Agricultural Solutions, or ADAMA Ltd., Monday said it expects first-quarter net income attributable to shareholders of $50 million to $58 million, compared to previous year's $320 million. Earnings per share would be $0.0205 to $0.0238, sharply lower than $0.1307 last year.

ADAMA, owned by Sanonda, a subsidiary of ChemChina, which also owns Syngenta AG (SYT), noted that the prior year's significantly higher net income was due to the recognition of an approximately $247 million one-time net income from the divestiture of several products in Europe in connection with the approval by the EU Commission of the acquisition of Syngenta by ChemChina last year, and other related impacts.

Adjusted net income is expected to be $76 million to $84 million, compared to prior year's $84 million. Adjusted earnings per share would be $0.0309 to $0.0341, compared to $0.0343 a year ago.

The Company is expecting to deliver another first quarter of more than $1 billion in sales, almost matching last year's best ever. On a constant currency basis, sales are expected to be above those of last year, driven by price increases.

Strong contribution of Latin America, India, Middle East and Africa, as well as China and new joiners Bonide and Anpon, offset weather- and supply-related delays in North America, Europe and Asia-Pacific.

In addition, the Company delivered marked price increases across all regions.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration or FDA announced on its website that pharma major Pfizer, Inc. issued recall of two lots of tablets meant to treat acute migraine in adults for concerns over bacteria infection. The pharma company is recalling two lots of Relpax (eletriptan hydrobromide) 40 mg tablets for potential presence of Genus Pseudomonas and Burkholderia bacteria. Cosmetics company Revlon Inc. (REV) is reportedly considering a potential sale of parts or all of its business. According to Bloomberg, Revlon has retained financial advisers from Goldman Sachs Group Inc. to explore strategic alternatives. No deal has been reached yet, but Revlon is exploring all... China's Lenovo Group Ltd. warned it may have to raise prices of its products if the U.S. moves ahead with the decision to impose additional tariffs on Chinese goods, according to a report by Reuters. The warning by Lenovo, the world's largest PC maker, comes amid the escalating trade war between the U.S. and China that has raised concerns about the global economic outlook.
Follow RTT