Bayer: shares jump after strong quarter
(CercleFinance.com) - German drug and crop chemical maker Bayer boosted its shares on Wednesday, with very strong fourth-quarter results, despite the heavy cost of the Monsanto acquisition.
The Leverkusen-based company reported fourth-quarter EBITDA before special items of 2.1 billion euros, up from 1.8 billion euros a year ago.
Its sales jumped by 28.7% to over 11 billion euros.
This rise was mainly due to the agricultural business (Crop Science), which substantially increased sales and earnings thanks to the acquisition of Monsanto.
Due to the financing costs of the Monsanto acquisition, Bayer posted a 3.9 billion euros net loss for the fourth quarter.
Looking ahead, Bayer confirmed its 2019 outlook and 2022 targets and said that it will vigorously defend itself in the glyphosate lawsuits.
"Focus remains on Roundup litigation but negative earnings momentum seems behind us," analysts at UBS commented.
Bayer's shares are up over 3.8% this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Leverkusen-based company reported fourth-quarter EBITDA before special items of 2.1 billion euros, up from 1.8 billion euros a year ago.
Its sales jumped by 28.7% to over 11 billion euros.
This rise was mainly due to the agricultural business (Crop Science), which substantially increased sales and earnings thanks to the acquisition of Monsanto.
Due to the financing costs of the Monsanto acquisition, Bayer posted a 3.9 billion euros net loss for the fourth quarter.
Looking ahead, Bayer confirmed its 2019 outlook and 2022 targets and said that it will vigorously defend itself in the glyphosate lawsuits.
"Focus remains on Roundup litigation but negative earnings momentum seems behind us," analysts at UBS commented.
Bayer's shares are up over 3.8% this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.