Bayer Achieves Strong First-Half Sales in North America
- First-half sales up 5.1 percent on an adjusted basis to EUR 4,393 million ($6,158 million)
- Second-quarter sales increased 4.8 percent on an adjusted basis to EUR 2,135 million ($2,993 million)
- CropScience leads way with strong second-quarter gains
PITTSBURGH--(BUSINESS WIRE)--Jul 28, 2011 - Bayer today reported increased first-half 2011 sales in North America led by second-quarter gains in the company's CropScience subgroup. Total first half sales in the region were EUR 4,393 million ($6,158 million*), an increase of 5.1 percent (currency adjusted)** compared with first-half 2010 sales. Sales in the second quarter contributed to the overall first-half result by remaining strong at EUR 2,135 million ($2,993 million). This corresponds to an increase of 4.8 percent versus the second quarter 2010.
"We are encouraged by the latest results, especially the increase in our CropScience business,” said Greg Babe, President and CEO of Bayer Corporation and Senior Bayer Representative in North America. “2011 continues to be an overall solid year for Bayer in North America, despite an economy that has only partially recovered."
A breakdown of Bayer's sales in North America for the second-quarter and through the first-half of 2011 as compared to the same periods in 2010 is as follows:
Bayer CropScience's sales in the second quarter increased by 19.2 percent to EUR 535 million ($750 million) and the subgroup's sales through the first-half of 2011 advanced by 21.3 percent to EUR 1,205 ($1,689 million).
Bayer HealthCare's sales in the second quarter declined by 1.2 percent to EUR 1,062 million ($1,489 million) and its first-half 2011 sales were EUR 2,138 million ($2,997 million), down 3.9 percent.
Bayer MaterialScience's sales in the second quarter were EUR 537 million ($753 million). This corresponds to an increase of 5.2 percent. The subgroup's overall first half sales remained strong at EUR 1,048 million ($1,469 million), up 9.7 percent.
"Our results in the region through the first-half of the year indicate that we are headed in the right direction," said Babe. "However, we must remain focused on growth while continuing to support the global efforts to improve efficiencies and implement cost-containment measures."
* The average exchange rate used for 2011 conversion was $1.40 per EUR. For 2010, the average rate was $1.33 per EUR.
** All percentages are currency adjusted based upon the reported EUR figures.
About Bayer Corporation
Bayer Corporation, headquartered in Pittsburgh, is a subsidiary of Bayer AG, an international health care, nutrition and high-tech materials group based in Leverkusen, Germany. Bayer's products and services are designed to benefit people and improve their quality of life. Bayer is committed to the principles of sustainable development and to its role as a socially and ethically responsible corporate citizen. Economy, ecology and social responsibility are corporate policy objectives of equal rank. In North America, Bayer had 2010 net sales of EUR 8,228 million ($10,861 million) and employed 16,400 at year-end. For more information, go to www.bayerus.com.
For more information on the Bayer Group financial results including the complete Annual Report 2010, please visit www.press.bayer.com.
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This news release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
Contact: Bayer Corporation
Bryan Iams, 412-777-5200
Posted: July 2011