Crop Science sales increased by 8,4% at Bayer

The Bayer Group maintained its strong commercial performance across all three divisions in the third quarter. "Despite rising inflation and global supply chain issues, we have once again managed to increase sales and profits," said Werner Baumann, Chairman of the Board of Management, when presenting the company's quarterly statement today (8/11).

Sales in the agricultural business (Crop Science) increased by 8,4% (Fx & portfolio adj.) to 4,692 billion euros. The division saw double-digit percentage gains in Latin America and Europe (and the Middle East, Africa), but saw sales decline significantly in North America.

Herbicides sales advanced 44,9% (Fx & portfolio adj.) thanks to price increases, as the business continued to benefit from a positive market environment, especially in Latin America and North America, as well as in Europe (and Middle East, Africa).

Insecticide sales rose 9,1% (Fx & portfolio adj.), driven mainly by business in Latin America.

Sales at Corn Seed & Traits decreased 15,8% (Fx & portfolio adj.) in the third quarter, but have increased overall this year. In the July-September period, higher prices in Latin America only partially offset the impact of lower licensing revenues and higher returns due to smaller areas in North America. Sales at Soybean Seed & Traits fell 8,3% (Fx & portfolio adj.), largely due to higher returns in North America. However, business expanded in Latin America thanks to higher volumes and prices.

EBITDA before special items at Crop Science advanced 33,5% to 629 million euros, driven mainly by its good commercial performance. The division also benefited from contributions from ongoing efficiency programs.

In contrast, earnings were diminished by an increase in costs, particularly the cost of goods sold, which was mainly due to high inflation. The EBITDA margin before special items increased by 1,2 percentage points to 13,4%.

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