Bayer Net Profit Down in 2nd Quarter; Full-Year Guidance Lowered
German pharmaceuticals and chemicals company Bayer AG (BAYN.XE) reported an 11% drop in net profit for the second quarter, weighed down by its agrochemical division, while lowering its guidance for the full year.
Net profit for the period ended June 30 was 1.2 billion euros ($1.4 billion), compared with EUR1.4 billion a year ago, missing analysts' forecast. Analysts had predicted a net profit of EUR1.3 billion, according to a recent poll compiled by Factset.
Bayer said Thursday it expects sales to rise to more than EUR49 billion this year, compared with a previous estimate of around EUR51 billion.
Earnings before interest, taxes, depreciation and amortization, before special items, should now increase by a high-single-digit percentage, down from an earlier projection of a low-teens percentage gain, the company said.
Sales rose by 3% to EUR12.2 billion, helped by its separated specialty plastics business, Covestro, Bayer said.
Write to Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
July 27, 2017 02:14 ET (06:14 GMT)