Group reports on increased sales and lower earnings in Q2, citing a “challenging agricultural market environment”
The Bayer Group has said that it generated increased sales and lower earnings in the second quarter (Q2) of 2024, with each business segment delivering ”a competitive performance in their respective industries”.
Group sales rose by 3.1 per cent on a currency- and portfolio-adjusted basis to €11.14bn in the second quarter, with a negative currency effect of €240m.
EBITDA before special items decreased by 16.5 per cent to €2.11bn, Bayer noted, mainly due to what the group called an ”unfavourable product mix”.
In the agricultural business (Crop Science), sales increased by 1.1 per cent to €4.98bn.
Growth was mainly driven by higher sales of glyphosate-based herbicides, with a particularly strong performance in North America.
Crop Science EBITDA before special items decreased by 27.7 per cent to €524m euros, although there was a positive currency effect of €49m.
“Our Crop Science business nearly offset headwinds in a challenging agricultural market environment,” said CEO Bill Anderson.
Bayer also confirmed its group outlook for full-year 2024, with Anderson confirming ”We remain on track to deliver”.
