German chemical giant Bayer announced third quarter earnings that narrowly topped estimates amid sustained demand for agricultural seeds and chemicals including the weedkiller Roundup, Bloomberg reported on 8 November.

In the third quarter, the company recorded €1.13 (US$1.17) core earnings/share an increase of 7.6% compared to €1.05 (US$1.09) core earnings/share in the same period the previous year, according to a statement by the company on 8 November.

A key profit measure at the company’s Crop Science unit increased by a third, Bloomberg wrote.

“We are right on track to achieve the full-year financial targets that we raised in August,” Bayer CEO Werner Baumann said in the statement.

Bayer said cost increases triggered by high inflation were likely to continue into next year – adding that in Germany it aimed to be independent from Russian gas by the end of this year. Global supply chains remained under strain, and avoiding bottlenecks was a key priority, it added.

Sales in the Crop Science division increased by 8.4% to €4.692bn (US$4.866bn), with the unit benefiting from higher prices for everything from corn seeds to the herbicide glyphosate, Bloomberg wrote. Strong demand in Latin America and Europe, the Middle East and Africa helped offset slowing sales in North America, where farmers had planted fewer crops this summer amid drought conditions.

“Sales at Soyabean Seed & Traits were down 8.3%, largely due to higher returns in North America. However, business expanded in Latin America thanks to higher volumes and prices,” Bayer said in the statement.