
Please try another search
By Geoffrey Smith
Investing.com -- German conglomerate Bayer (ETR:BAYGN) took another step on the road to recovery on Tuesday, posting strong first-quarter earnings thanks to a revived consumer health segment and a crop science business supported by soaring prices for agricultural commodities.
Core earnings per share rose 36% to 3.53 euros ($3.70) a share as crop science sales - consisting mostly of sales and pesticides - rose 22% and consumer health sales rose 17% in constant currencies.
“Our forecast going forward this year remains confident despite the great uncertainties, including the stability of supply chains and energy supplies, and we confirm the currency-adjusted outlook for the full year published in March,” chief executive Werner Baumann said in a statement.
Baumann has come under intense pressure from shareholders after his mammoth takeover deal for Monsanto landed the company with legal liabilities running into billions of euros. Over three-quarters of shareholders voted against the company's executive compensation plan last week, venting their unhappiness at years of underperformance.
The Monsanto acquisition has at least had the effect of diversifying sales away from Europe and toward North America, something that has protected it against the geopolitical turmoil in its home region.
"Group sales and earnings were not negatively impacted by Russia’s invasion of Ukraine in the first quarter," Bayer said, adding that neither Russia nor Ukraine is in its top ten markets. In total, they account for around 3% of group sales.
Bayer stock still lagged the broader DAX index at the open, rising only 0.7% by 3:10 AM ET (0710 GMT). The DAX rose by 1.1%, bouncing after following U.S. markets sharply lower on Monday.
By Selena Li and Clare Jim HONG KONG (Reuters) - Chinese property developer Shimao Group has missed the interest and principal payment of a $1 billion offshore bond due on Sunday,...
Investing.com – Saudi Arabia stocks were lower after the close on Sunday, as losses in the Building & Construction, Media & Publishing and Insurance sectors led shares lower. At...
FRANKFURT (Reuters) - Germany's road traffic agency said it was recalling Tesla (NASDAQ:TSLA) models Y and 3 because of a fault in the automatic emergency call system that affects...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.