Bayer AG (BAYN.XE) said Thursday that third-quarter net profit increased significantly, citing the divestment of Covestro AG (1COV.XE).
The German pharmaceuticals and chemicals company reported third-quarter net profit of 3.88 billion euros ($4.57 billion) compared with EUR1.19 billion in the same period a year earlier. The third-quarter net-profit figure includes a EUR2.8 billion gain from the divestment of Covestro.
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Sales for the quarter decreased 2.8% to EUR8.03 billion.
According to Vara Research's consensus forecast, the company was expected to report net profit of about EUR1.18 billion and post sales of EUR8.39 billion.
Bayer said that the closing of the Monsanto (MON) merger deal is expected in early 2018.
It confirmed its 2017 outlook based on the change in structure resulting from the divestment of Covestro. The company says it expects 2017 sales of EUR35 billion to EUR36 billion, corresponding to a low-single-digit percentage increase on a currency and portfolio-adjusted basis.
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(END) Dow Jones Newswires
October 26, 2017 02:50 ET (06:50 GMT)