German Chemical Giant Bayer Posts Unexpected Loss

While group sales rose by 3.1 percent to 11.1 billion euros ($12.1 billion), earnings were down “mainly due to an unfavourable product mix”, the group said in a statement.\r\n\r\nThe loss of 34 million euros puts the German giant back in the red after two profitable quarters.\r\n\r\nAnalysts surveyed by financial data firm FactSet had forecast a profit of 71 million euros.\r\n\r\nSales in Bayer’s agricultural business increased by 1.1 percent, mainly due to higher sales of glyphosate-based herbicides, especially in North America.\r\n\r\nBut the division registered a loss of 229 million euros due to what group CEO Bill Anderson described as a “challenging agricultural market environment”.\r\n\r\nThe company has kept its earnings forecasts unchanged for 2024.