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.
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