Bayer 1Q Profit Rose, Backs 2022 Outlook
May 10 2022 - 2:22AM
Dow Jones News
By Giulia Petroni
Bayer AG said Tuesday that profit rose in the first quarter as
performance was driven by its crop science and consumer health
divisions, and backed guidance for the full year.
The German pharmaceutical and chemical conglomerate posted net
profit of 3.29 billion euros ($3.47 billion) from EUR2.09 billion
in the previous-year period.
Earnings before interest, taxes, depreciation and amortization
before special items were EUR5.25 billion, up from EUR4.12 billion,
while sales increased to EUR14.64 billion from EUR12.33 billion,
the company said.
Bayer said sales and earnings were not negatively affected by
Russia's invasion of Ukraine in the quarter. The two countries
account for around 3% of sales.
Free cash flow improved to negative EUR1.19 billion from
negative EUR3.23 billion in the year-earlier period.
The company confirmed its 2022 outlook. "Our forecast going
forward this year remains confident despite the great
uncertainties, including the stability of supply chains and energy
supplies," Werner Baumann, chairman of the board of management,
said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
May 10, 2022 02:07 ET (06:07 GMT)
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