Bayer (BYR.L,BAYRY.PK,BAYZF.PK) reported first quarter net income of 1.05 billion euros or 1.27 euros per share, up from 684 million euros or 0.83 euros per share a year ago.
Core earnings per share rose to 1.68 euros from 1.45 euros a year earlier.
Sales grew 6.8% to 10.06 billion euros from 9.42 billion euros in the prior-year quarter.
"All the subgroups contributed to the encouraging increase in sales, particularly CropScience, which experienced a strong start to the season," Management Board Chairman Dr. Marijn Dekkers explained.
"In view of the good start to 2012, we are increasingly confident for the rest of the year," Dekkers added. Given the continuing uncertainties, however, he said Bayer is currently adhering to the guidance for 2012 that was issued at the end of February.
For the full year 2012, Bayer continues to forecast a currency- and portfolio-adjusted sales increase of about 3 percent. This would result in Group sales of approximately 37 billion euros based on unchanged exchange rate assumptions.
Bayer continues to plan a slight improvement in EBITDA before special items. This will be driven by HealthCare and CropScience, while earnings at MaterialScience are likely to be flat with 2011 in view of the currently difficult market conditions. Bayer also plans to slightly increase core earnings per share.
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by RTT Staff Writer
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