LEVERKUSEN (dpa-AFX) - Bayer Group (BAYZF.PK, BAYRY.PK, BYR.L) reported that its second-quarter net income declined 49.1 percent to 404 million euros from 799 million euros in the same period last year, reflecting special items for restructuring and impairments. Earnings per share fell 52.9 percent to 0.41 euros from 0.87 euros a year ago.
However, core earnings per share rose 5.9 percent to 1.62 euros from 1.53 euros in the year-ago period.
EBIT for the quarter fell by 31.2 percent to 926 million euros from 1.35 billion euros, after net special charges of 859 million euros.
The special charges mainly comprised impairment losses in connection with the agreed divestment of Dr. Scholl's and expenses related to the announced restructuring measures.
EBITDA before special items increased 24.7 percent to 2.93 billion euros. Negative currency effects arising primarily from hedging diminished earnings by 59 million euros compared with the year-ago period.
Sales for the quarter grew 21.1 percent to 11.49 billion euros from 9.48 billion euros last year. Sales rose by 0.9 percent on a currency- and portfolio-adjusted basis.
Looking ahead, Bayer confirmed its Group outlook for 2019, but noted that the outlook was becoming 'increasingly ambitious'.
For 2019, the company continues to expect Group sales of around 46 billion euros, an increase of approximately 4 percent on a currency and portfolio adjusted basis.
Bayer said it is aiming for a currency-adjusted increase in EBITDA before special items to about 12.2 billion euros, while core earnings per share for the year are seen rising to around 6.80 euros.
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