LEVERKUSEN, Germany (July 30, 2010)—Bayer MaterialScience has posted sales $3.5 billion for the second quarter of 2010, a 46.9-percent increase compared to the same period last year. Sales were up 21 percent compared to the first quarter of 2010.
Year-on-year sales in the company's polyurethanes business were up by a currency-adjusted 37.1 percent, as a result of “a marked expansion of volumes,” the company said.
Second quarter earnings jumped from $276.8 million in the second quarter of 2009 to $484.1 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, “thanks above all to the recovery at MaterialScience,” the company said.
Sales climbed by 10 percent to $22.8 billion, compared to $20.8 billion in the first half of 2009. EBITDA before special items rose by 10.8 percent to $5 billion compared to $4.5 billion in the first half of 2009.
MaterialScience said it expects to exceed forecasts for 2010.