Plus   Neg

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
Whole Foods Market stores have recalled Decorated Red Apple Cookies as they may contain undeclared egg. People who have an allergy or severe sensitivity to these allergens run the risk of serious or life-threatening allergic reaction if they consume these products. The cookies were sold by the... Norwex has announced voluntary recall of about 58,000 rubber brooms due to laceration hazard. According to the company, handles of the recalled brooms can break in half, exposing a metal inner rim, posing a laceration hazard to the user. The recall involves extendable indoor/outdoor white rubber... Amazon.com Inc. has expanded its AmazonFresh grocery delivery service to three new cities. Beginning today, Amazon Prime members in Houston, Minneapolis and Phoenix can shop thousands of products, ranging from meat and seafood to fresh produce and everyday essentials. The groceries will be delivered to their homes in two hours or less, with options for one-hour and two-hour delivery.
Follow RTT