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HomeNewsBayer's Q1 Profit Declines, but Beats Expectations

Bayer’s Q1 Profit Declines, but Beats Expectations

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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:

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