Berlin, May 14, 2024 (Reuters) – German chemical and pharmaceutical giant Bayer on Tuesday reported lower net and operating profits for the first quarter of 2024, but operating profit came in above expectations.
Key points:
- Net income: €2 billion (Q1 2024) – down from €2.18 billion in Q1 2023
- Core EPS: €2.82 (Q1 2024) – down from €2.95 in Q1 2023
- Sales: €13.77 billion (Q1 2024) – down 4.3% from Q1 2023
- EBITDA adjusted for exceptional items: €4.41 billion (Q1 2024) – down 1.3% but beat analyst expectations of €4.15 billion
Further details:
- The profit decline was mainly driven by lower earnings in the Crop Science division.
- Despite the profit decline, Crop Science performed well considering market conditions.
- Sales fell due to lower volumes and prices.
- EBITDA adjusted for exceptional items beat expectations thanks to strong growth in the Pharmaceuticals division.
Outlook:
Bayer expects its full-year 2024 profit to be in line with previous guidance. However, the company is cautious about the global economic outlook and expects raw material prices to remain high.
Sources:
