By Cecilia Butini
German pharmaceutical-and-chemical conglomerate Bayer AG on Tuesday swung to a profit for the third quarter and said sales rose, driven by a recovery in its agriculture business.
The company posted net profit of 85 million euros ($98.5 million), compared with a net loss of EUR2.74 billion a year earlier, when it experienced headwinds in the agriculture division.
Earnings before interest, taxes, depreciation and amortization before special items came in at EUR2.09 billion, up from EUR1.80 billion the year prior. Earnings before interest and taxes were EUR530 million, compared with a loss before interest and taxes of EUR9.40 billion, the company said
Sales rose to EUR9.78 billion from EUR8.51 billion, Bayer said.
The company adjusted its outlook for 2021. It said that it continues to expect sales to be about EUR44 billion, though that now corresponds to currency- and portfolio-adjusted growth of about 7%, compared with 6% previously.
Core earnings per share for the year are now expected to be in the range of EUR6.50 to EUR6.70 after currency effects, compared with a previous range of EUR6.40 to EUR6.60, it said.
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