FRANKFURT, May 10 Reuters Agriculture and pharmaceuticals company Bayer reported quarterly adjusted earnings rose a betterthanexpected 27.5 on strong gains at its seeds and pesticides business.

First quarter earnings before interest, taxes, depreciation and amortisation EBITDA, adjusted for oneoff items, came in at 5.25 billion euros 5.55 billion, well above the average analyst estimate of 4.65 billion euros posted on the company39;s website.

The Crop Science division, which generates the bulk of its earnings during the first half of the year, saw adjusted EBITDA jump by half to 3.67 billion euros, beating a market consensus of 2.95 billion euros, more than offsetting weaker pharmaceutical earnings.

Prices of agricultural commodities like corn and soy have surged globally amid concern that Russia39;s attack on Ukraine will disrupt farming there as both countries are major grains exporters.

Bayers Chief Executive Werner Baumann told shareholders at last months annual general meeting that favourable agricultural markets had helped the group to a very successful start to the year.

The group confirmed its guidance for fullyear results.

1 0.9455 euros

Reporting by Ludwig Burger; Editing by Maria Sheahan

Source Reuters