Investor Alert

New York Markets Open in:

April 27, 2020, 2:16 a.m. EDT

Bayer backs 2020 guidance as profit rises

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Kim Richters

Bayer AG on Monday reported a rise in first-quarter earnings, and confirmed its targets for 2020.

The German pharmaceutical and chemical company said its net profit for the period was 1.49 billion euros ($1.61 billion), compared with EUR1.24 billion a year earlier.

Earnings before interest, taxes, depreciation and amortization before special items rose 10.2% to EUR4.39 billion, compared with EUR3.98 billion in the same quarter the previous year.

Quarterly sales came in at EUR12.85 billion, up from EUR12.25 billion, Bayer said.

"While the Covid-19 pandemic led to higher demand--partly due to inventory buildup--and thus an increase in sales at some business units, the restrictions related to the pandemic are adversely impacting parts of the company's business," the company said.

Analysts expected sales of EUR12.61 billion and adjusted Ebitda of EUR4.10 billion, according to a consensus provided by Vara Research.

The company backed its outlook for the year--which doesn't include coronavirus effects-but said it wasn't possible to reliably assess the "the positive and negative effects until later in the year."

It is facing lawsuits related to its glyphosate weedkiller from around 52,500 plaintiffs as of April 14.

Write to Kim Richters at kim.richters@wsj.com

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.