The U.S. Environmental Protection Agency (EPA) has granted approval to Chemtura Corporation’s (CHMT - Snapshot Report) new multi-facet insecticide DoubleTake. Following the registration from the EPA, DoubleTake is expected to get additional crops and country registrations.
DoubleTake insecticide, part of Chemtura AgroSolution’s product line, protects a wide range of insect pests. It uses multiple modes of action through both insect neurotoxic and insect growth regulator effects to control several important insect pests that are harmful on cotton, peanut and pepper crops.
DoubleTake is formed by combining the key performance strength of diflubenzuron with another active ingredient holding a different mode of action to extend the life cycle of the key proprietary product, diflubenzuron.
DoubleTake offers prolonged residual protection and controls all stages of insect life, from eggs to adults. It specially targets two fast-emerging pests – the brown marmorated stink bug and the kudzu bug. The brown marmorated stink bugs affect soybean crops in the U.S. Mid-Atlantic, Northeast and Eastern regions and the kudzu bugs affect soybean crops in the U.S. Mid-Atlantic, Southeast and Mid-South regions.
DoubleTake insecticide’s field trials have shown yield enhancement benefits in peanuts and soybeans crops and it has also improved the health of the plants.
Chemtura AgroSolutions is a famous provider of fungicides, herbicides, insecticides, miticides, plant growth regulators and seed treatment products for a broad-spectrum of crops. It also provides proprietary formulations, ever-expanding label extensions and field-ready technical expertise and services that deliver high-quality, efficacious products to improve quality and yield in specialty markets.
Chemtura, which belongs to the specialty chemicals industry along with Minerals Technologies Inc. (MTX - Snapshot Report) and Sensient Technologies Corp. (SXT - Snapshot Report), came out with its second-quarter 2013 results on Jul 30. The company reported net income from continuing operations of $47 million or 47 cents a share compared with a profit of $53 million or 53 cents a share a year ago. Adjusted earnings from continuing operation of 40 cents per share beat the Zacks Consensus Estimate of 37 cents.
Revenues went down roughly 1% year over year to $735 million in the quarter and were in line with the Zacks Consensus Estimate. Lower selling prices and unfavorable foreign currency translation affected revenues in the quarter.
Chemtura expects its Industrial Performance Products, Consumer Products and Chemtura AgroSolutions segments to continue their improved performance trends into the second half of 2013. Chemtura further expects demand for insulation foam and electronics applications to improve in 2013.
Chemtura currently carries a Zacks Rank #3 (Hold). Ferro Corp. (FOE - Snapshot Report), with a Zacks Rank #1 (Strong Buy), is a good investment option in the specialty chemical industry.