FRANKFURT (Reuters) – Bayer on Tuesday reported a 27.5% rise in quarterly adjusted profit, above analysts’ forecasts, on strong gains in its seeds and pesticides businesses.
The group’s earnings before interest, taxes, depreciation and amortization (Ebitda), adjusted for exceptional items, thus amounted to 5.25 billion euros in the first quarter, against an average analyst estimate of 4.65 billion euros. euros.
The Crop Science division, which generates the bulk of its profits in the first half, saw adjusted profit jump by half to 3.67 billion euros, beating market forecasts of 2.95 billion euros. euros, which more than compensated for the weak profits from the pharmaceutical activities.
Prices of agricultural commodities like corn and soybeans have soared globally, impacted by fears that Russia’s invasion of Ukraine could disrupt agricultural production in these two major exporters. of cereals.
Werner Baumann, the chairman of Bayer’s management board, told shareholders at the annual general meeting held in April that the favorable market environment had given the group a good start to the year.
Bayer has also confirmed its forecast for 2022.
(Report Ludwig Burger, French version Diana Mandiá, edited by Kate Entringer)
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