Bayer Q1 core profit rises on plastics growth

Shares in Bayer were indicated to open 2.2% higher

The MaterialScience division posted a 79 per cent jump in adjusted core profit to €355 million, well above consensus for €258 million. Photograph: EPA/Olvier Berg
The MaterialScience division posted a 79 per cent jump in adjusted core profit to €355 million, well above consensus for €258 million. Photograph: EPA/Olvier Berg

German drugmaker Bayer posted a quarterly rise in underlying core earnings, beating estimates, due to growth at its plastics and chemicals business.

Bayer said yesterday earnings before interest, tax, depreciation and amortisation (EBITDA) before special items rose 11.6 per cent to €2.74 billion euros ($3.79 billion).

Analysts in a Reuters poll had on average expected adjusted EBITDA of €2.59 billion.

Shares in Bayer were indicated to open 2.2 per cent higher, while Germany’s blue-chip DAX index was seen up 0.4 per cent. Sales, up 2.8 per cent to €10.56 billion, missed consensus for €10.67 billion on negative currency effects.

The MaterialScience division posted a 79 per cent jump in adjusted core profit to €355 million, well above consensus for €258 million. – (Reuters)

  • Join The Irish Times on WhatsApp and stay up to date

  • Sign up to the Business Today newsletter for the latest new and commentary in your inbox

  • Listen to Inside Business podcast for a look at business and economics from an Irish perspective