Leverkusen, Germany -- Bayer MaterialScience has posted sales of Euro 2689 million ($3517 million) for the second quarter of 2010 (Q2), a 46.9-percent increase compared to the same period last year. Sales were up 21 percent compared to the first quarter of 2010.
"This very gratifying improvement was due especially to the considerable increase in demand in our primary customer industries," Bayer chairman Werner Wenning said in a 29 July statement.
Year-on-year sales in the company's polyurethanes business were up by a currency-adjusted 37.1 percent, due to "a marked expansion of volumes," the statement said. Second quarter earnings tripled from Euro 212 million in Q2 2009 to Euro 371 million, mainly driven by expansion of volumes, higher selling prices and efficiency improvements, Bayer said.
Overall sales and earnings of the Bayer Group increased significantly in the first half of 2010 (H1), "thanks above all to the recovery at MaterialScience," the statement said.
Sales climbed by 10.0 percent to Euro 17 495 million, compared to Euro 15904 million in H1 2009. EBITDA before special items rose by 10.8 percent to Euro 3835 million compared to Euro 3460 million in H1 2009.
Wenning said the company is remaining optimistic for 2010, adding that strong recovery at MaterialScience is compensating for the below-forecast business performance at HealthCare and CropScience.
From today's viewpoint, the statement said, BMS considers the previous targets of increasing full-year sales by approximately 20 percent and more than doubling EBITDA before special items as conservative. "MaterialScience expects to exceed these forecasts. In the third quarter, the subgroup anticipates that sales and EBITDA before special items will be in line with those of the previous quarter," the company said. (RD)