Bayer Net Profit Down in 2nd Quarter; Full-Year Guidance Lowered
July 27 2017 - 2:29AM
Dow Jones News
By Christopher Alessi
FRANKFURT--German pharmaceuticals and chemicals company Bayer AG
(BAYN.XE) reported an 11% drop in net profit for the second
quarter, weighed down by its agrochemical division, while lowering
its guidance for the full year.
Net profit for the period ended June 30 was 1.2 billion euros
($1.4 billion), compared with EUR1.4 billion a year ago, missing
analysts' forecast. Analysts had predicted a net profit of EUR1.3
billion, according to a recent poll compiled by Factset.
Bayer said Thursday it expects sales to rise to more than EUR49
billion this year, compared with a previous estimate of around
EUR51 billion.
Earnings before interest, taxes, depreciation and amortization,
before special items, should now increase by a high-single-digit
percentage, down from an earlier projection of a low-teens
percentage gain, the company said.
Sales rose by 3% to EUR12.2 billion, helped by its separated
specialty plastics business, Covestro, Bayer said.
Write to Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
July 27, 2017 02:14 ET (06:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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