Bayer Achieves Strong Gains in First Quarter; Raises Earnings Forecast

Bayer reported a13.2% rise in first quarter earnings before interest, tax, depreciation and amortization (Ebitda) to €1.9 billion ($2.6 billion) on sales 5.3% higher at €8.3 billion. Ebitda margin before special items climbed to 23.1% from 21.5% in the first quarter of 2009. Net income rose 63% to €693 million. "Bayer is well on track and we plan to grow again this year," says Bayer chairman Werner Wenning. Bayer MaterialScience posted a clear recovery in "an increasingly stabilizing market environment, achieving better-than-expected...

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