Bayer 2Q Net Loss Narrowed Despite Litigation Provisions; Raises 2021 Outlook -- Update
05 Agosto 2021 - 02:45AM
Noticias Dow Jones
By Cecilia Butini
Bayer AG said Thursday that its net loss for the second quarter
narrowed on year despite provisions for Roundup weedkiller
litigation, and raised its outlook for the full year.
The German conglomerate posted a net loss of 2.34 billion euros
($2.77 billion) for the quarter compared with a loss of EUR9.55
billion for the same quarter the previous year, missing a company
consensus which saw it posting a net profit of EUR793 million.
Earnings before interest, taxes, depreciation and amortization
before special items fell to EUR2.58 billion from EUR2.88 billion
the year prior.
Sales grew to EUR10.85 billion from EUR10.05 billion for the
previous-year period, which had been significantly affected by
restrictions in response to the coronavirus pandemic, Bayer
said.
A sales consensus provided by Vara Research saw sales coming in
at EUR10.16 billion, while Ebitda before special items was seen at
EUR2.79 billion.
Earnings were affected by the setting aside of further
provisions to tackle continued litigation regarding glyphosate--the
active ingredient in Roundup weedkiller and which is accused of
causing cancer--coming in at EUR3.5 billion, Bayer said.
Sales increased in all three business areas of pharmaceuticals,
agriculture and consumer health, Bayer said. Sales in the
agriculture division rose, as expected by analysts, reaching
EUR5.02 billion across regions.
The company's pharma business reported a recovery from the
pandemic, with ophtalmology, women's healthcare and radiology
driving the growth. Sales in the division reached EUR4.49 billion,
according to Bayer. The company's consumer health division also
grew on-year, driven by high demand for nutritional products, Bayer
said.
Citing good business performance in the first half of the year,
Bayer lifted its forecast for 2021.
Adjusting for currency effects, sales are expected to come in at
EUR44 billion for the full year, versus a previous forecast which
saw them approximately between EUR42 billion and EUR43 billion.
Based on the closing rates as of June 30, the expected figure is
EUR43 billion for the full year.
Ebitda before special items is expected to remain in the
previously communicated range of EUR11.2 billion to EUR11.5 billion
when adjusting for currency effects, while it is seen between
EUR10.6 billion and EUR10.9 billion according to closing rates on
June 30.
Core earnings per share are seen rising to a range of EUR6.40 to
EUR6.60, adjusting for currency effects. Based on the closing rates
on June 30, core EPS are seen between EUR6 and EUR6.2 for the full
year.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
August 05, 2021 03:31 ET (07:31 GMT)
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