Bayer profit tops estimates on strong crop science performance
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[BERLIN] Bayer posted better-than-expected profit in the first quarter, driven by a robust performance in its crop-science unit.
Adjusted first-quarter earnings rose to 4.45 billion euros (S$6.65 billion) before interest, taxes, depreciation and amortisation, Bayer said on Tuesday (May 12). That exceeded the 3.9 billion euro consensus forecast in a Bloomberg survey of analysts.
The company confirmed its full-year outlook on a currency-adjusted basis.
The results come as the German conglomerate navigates a critical phase in efforts to contain mass US litigation tied to its Roundup weedkiller. The saga has haunted the Leverkusen, Germany-based company since its 2018 acquisition of Roundup creator Monsanto and has already cost more than US$10 billion. BLOOMBERG
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