Bayer says agri business drives successful start to year By Reuters

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© Reuters. FILE PHOTO: The Bayer AG logo sits on display at the headquarters in La Garenne-Colombes, near Paris, France, May 13, 2019. REUTERS/Benoit Tessier/File Photo

By Ludwig Burger

FRANKFURT (Reuters) -German diversified group Bayer (OTC:) has seen a “very successful start to the year”, driven by favourable agricultural markets, it said on Monday.

“In the agriculture business, in particular, we see a much more positive market environment than in previous years,” Chief Executive Werner Baumann said in a written speech posted on the company’s website on Monday.

The speech will be delivered at the annual shareholder meeting scheduled for Friday

The maker of pharmaceuticals, seeds and pesticides added the economic consequences of the war in Ukraine and sanctions imposed on Russia were not yet visible in the first quarter.

The CEO reiterated earlier guidance for 2022 core earnings per share to reach about 7.00 euros ($7.50), up from 6.51 euros last year, excluding the effect of currency swings.

Baumann added that despite global uncertainties he was confident of a very successful year.

Bayer is due to release detailed first-quarter figures on May 10.

($1 = 0.9335 euros)

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