LEVERKUSEN (dpa-AFX) - Bayer Group (BAYZF.PK, BAYRY.PK, BYR.L) reported that its net income for the first-quarter declined by 36.5 percent to 1.241 billion euros from the prior year reflecting special items related to the acquisition and restructuring. Earnings per share decreased to 1.27 euros from 2.21 euros in the prior year.
By contrast, core earnings per share rose by 13.8 percent to 2.55 euros from the prior year.
EBITDA before special items advanced by 44.6 percent to 4.188 billion euros, despite negative currency effects diminishing earnings of the pre-acquisition Bayer businesses by 110 million euros.
EBIT declined by 15.6 percent to 1.950 billion euros, from last year. The principal charges concerned were a total of 492 million euros in connection with the acquisition and integration of Monsanto, and 393 million euros pertaining to the announced restructuring.
Sales for the quarter rose 42.4 percent to 13.015 billion euros from last year, while it was up 4.1 percent on a currency- and portfolio-adjusted basis.
The company said it is also on track with its plans to exit the animal health business. The primary focus is now on a sale, following a strategic review of exit options over the past months. However, Bayer also continues to consider all value-maximizing options. Carve-out and further preparation work is ongoing.
Bayer confirmed its 2019 forecasts based on 2018 exchange rates. For 2019, the company expects sales to amount to around 46 billion euros. This corresponds to an increase of approximately 4 percent on Fx & portfolio adjusted basis.
Bayer aims for an increase in EBITDA before special items to about 12.2 billion euros, while core earnings per share are seen rising to about 6.80 euros.
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