Bayer swings to a profit as sales rise and adjusts outlook

0
129
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.

Write to Cecilia Butini at cecilia.butini@wsj.com


This article was originally published by Marketwatch.com. Read the original article here.

Previous articleSmileDirectClub stock down more than 20% after wider loss, lower sales for Q3
Next articleThe Moneyist: I rebuilt my life after hitting rock bottom at 19. My estranged daughter says she only wants my money and jewelry. Do I include her in my will?

LEAVE A REPLY

Please enter your comment!
Please enter your name here