Bayer: cuts 2018 outlook on adverse currency moves

(CercleFinance.com) - German chemicals and drugs group Bayer has cut its sales and earnings estimates for 2018 after adverse currency movements took their toll in the first few months of the year.


In absolute terms, full-year sales would now come in at below 35 billion euros, the Leverkusen-based company said, compared to around 35 billion euros previously.

EBITDA before extraordinary items is now expected to decline by a low-single-digit percentage in 2018, while, until now, the indicator was expected to match the 2017 level.

In the first quarter, group sales increased by 2% to 9.1 billion euros, while EBITDA before extraordinary items fell to 2.9 billion euros due to currency effects.

Bayer said it was still planning to close the acquisition of US seeds supplier Monsanto in the second quarter of 2018.

The Bayer stock is currently up 0.3% at 99.9 euros in Frankfurt.

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