Geoffrey Smith 

Investing.com — German conglomerate Bayer posted solid first-quarter earnings Tuesday thanks to a revived consumer sector and crop science businesses supported by high prices for agricultural commodities.

Core  per share rose 36% to 3.53 euros ($3.70) a share as crop science sales – consisting mostly of sales and pesticides – rose 22% and consumer health sales rose 17% in constant currencies. 

 “Our forecast going forward this year remains confident despite the great uncertainties, including the stability of supply chains and energy supplies, and we confirm the currency-adjusted outlook for the full year published in March,” chief executive Werner Baumann said in a statement.

After his Monsanto takeover, Baumann was subject to intense shareholder pressure. The company now has legal liabilities in excess of billions of euro. Last week, more than three quarters of the shareholders voted against Baumann’s executive compensation plan. They expressed their dissatisfaction at years of poor performance.

Monsanto acquired at least the ability to divert sales from Europe toward North America. It has also protected the company against geopolitical turmoil.

“Group sales and earnings were not negatively impacted by Russia’s invasion of Ukraine in the first quarter,” Bayer said, adding that neither Russia nor Ukraine is in its top ten markets. These countries account for about 3% of total group sales.

Bayer stock remained behind the larger at the opening, increasing only 0.7% (0710 GMT) by 3:10 AM ET. After Monday’s sharp decline in the U.S. market, the DAX gained 1.1%.