Agribusiness giant Syngenta reported a two percent increase in sales and a five percent decline in net income for the first six months of this year.
CEO Mike Mack issued a statement noting that "unfavorable weather and late planting in the northern hemisphere" affected the results.
Switzerland-based Syngenta is the world’s No. 3 purveyor of seeds, behind Monsanto and DuPont. It’s also a leader in crop-protection products such as insecticides and herbicides. It has 400 workers in Research Triangle Park, which serves as its global headquarters for biotechnology research.
The company's American depositary receipts, which are the equivalent of common stock, were trading more than 4 percent lower Wednesday morning after the results were released.
Sales for the first half of the year totaled $8.4 billion. Net income was $1.41 billion, versus $1.49 billion projected by analysts polled by Bloomberg News.