Bayer: shares drop after weak quarter
(CercleFinance.com) - Bayer shares are down almost 4% on Tuesday morning after the German chemicals giant posted lower-than-expected quarterly results.
The group's second-quarter EBIT dropped by 31.2% to 926 million euros after net special charges of 859 million euros, including impairment losses due to the divestment of Dr. Scholl's and restructuring costs.
Net profit plunged 49.1% to 404 million euros, on sales that rose inched up 0.9% on a currency- and portfolio-adjusted basis to 11.5 billion euros in the quarter.
In the agriculture business, Bayer generated sales of 4.8 billion euros, that were up by 59%, mainly thanks to the acquisition of Monsanto.
However, pro-forma sales of the crop science unit fell by 9.9%.
Bayer has confirmed its full-year guidance, although this outlook is becoming "increasingly ambitious," the company said.
The stock was down 3.6% at 57.4 euros in Frankfurt. It has fallen by over 12% over the last six months.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The group's second-quarter EBIT dropped by 31.2% to 926 million euros after net special charges of 859 million euros, including impairment losses due to the divestment of Dr. Scholl's and restructuring costs.
Net profit plunged 49.1% to 404 million euros, on sales that rose inched up 0.9% on a currency- and portfolio-adjusted basis to 11.5 billion euros in the quarter.
In the agriculture business, Bayer generated sales of 4.8 billion euros, that were up by 59%, mainly thanks to the acquisition of Monsanto.
However, pro-forma sales of the crop science unit fell by 9.9%.
Bayer has confirmed its full-year guidance, although this outlook is becoming "increasingly ambitious," the company said.
The stock was down 3.6% at 57.4 euros in Frankfurt. It has fallen by over 12% over the last six months.
Copyright (c) 2019 CercleFinance.com. All rights reserved.