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Bayer Reports Earnings, Sales Hikes as MaterialScience Rebounds from Recession

4:29 AM MDT | October 28, 2010 | Ian Young

Bayer posted a 12% gain in third-quarter 2010 net profits compared with the same period of 2009, to €280 million, buoyed by a post-recession rebound in its Bayer MaterialScience subgroup. Sales grew 16% year on year, to €8.6 billion and Ebitda before special items increased 10.5%, to €1.66 billion. The net-profit figure is well short of analysts' forecasts of about €490 million partly because of one-off charges totaling €436 million for litigation costs in the U.S., related mainly to an intended settlement program with U.S. rice farmers...

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