Bayer AG (BAYZF.PK,BAYRY.PK,BYR.L) reported Monday that its first-quarter net income increased 20 percent to 1.49 billion euros from last year’s 1.24 billion euros. Earnings per share were 1.52 euros, up 19.7 percent from 1.27 euros a year ago.
Core earnings per share from continuing operations were 2.67 euros, compared to 2.43 euros last year.
EBIT advanced 40.4 percent from last year to 2.50 billion euros, partly due to a lower net special charges of 639 million euros, compared to last year’s charges of 1.04 billion euros.
EBITDA before special items grew 10.2 percent to 4.39 billion euros. Adjusted EBITDA margin was 34.2 percent, up from 32.5 percent a year ago.
Group sales increased 4.8 percent to 12.845 billion euros from last year’s 12.25 billion euros mainly with strong demand at Consumer Health. Sales grew 6 percent on a currency- and portfolio-adjusted basis.
The company noted that all divisions reported higher sales and earnings.
The company said the COVID-19 pandemic led to higher demand and increased sales at some business units, partly due to inventory buildup, while the restrictions related to the pandemic are adversely impacting certain other business.
Looking ahead for fiscal 2020, the company said the impact of COVID-19 on its outlook is not yet reliably quantifiable.
The forecast published in February 2020 did not take into account the effects of the COVID-19 pandemic and continues to reflect the company’s targets.
Following the positive start to the year, Bayer anticipates that COVID-19 will continue to impact its business over the course of 2020. It will not be possible to reliably assess the positive and negative effects until later in the year.
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