Bayer CropScience North and South America Q1 Sales Fall

Bayer CropScience said sales increased 6.6% in the first quarter to $3.45 billion powered by strength in Europe and fungicides.

“Despite a weakened market environment, particularly in North and South America, Crop Protection/Seeds improved slightly against the strong prior-year level,” CEO Dr. Marijn Dekkers said. CropScience registered significant growth in the Europe region, where business expanded by 16.9% adjusted for foreign currency exchange rates. However, sales on an exchange rate adjusted-basis fell 15.1% in North America, 4.3% in Asia/Pacific and 3.2% in Latin America/Africa/ Middle East.

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The company’s fungicides business posted double-digit growth of 22.4%. Sales of products for use in cereals developed particularly well. The seeds unit also developed positively, rising 8.2%, especially with products for oilseed rape/canola and soybeans. By contrast, sales were down 16.7% at SeedGrowth, insecticides (down 12.5%) and herbicides (down 8.5%). Sales of Environmental Science rose 4.2%, with positive development both in the consumer business and in products for professional users.

EBITDA before special items of the subgroup came in 5.3% below the strong prior-year quarter at $1.16 billion, hurt by negative currency effects. While higher selling prices had a positive effect, volumes were lower and selling expenses increased.

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