(RTTNews) – German pharmaceutical and life sciences major Bayer (BAYZF.PK, BAYRY.PK, BYR.L) reported that its net income for the first quarter declined to 2.00 billion euros or 2.04 euros per share from 2.18 billion euros or 2.22 euros per share in the same quarter last year.
Core earnings per share from continuing operations for the first quarter decreased to 2.82 euros from last year’s 2.95 euros, mainly due to the decline in earnings at the Crop Science Division.
Group sales were 13.77 billion euros in the first quarter of 2024, representing a decline of 0.6% on a currency- and portfolio-adjusted basis (Fx & portfolio adj.), and a decline of 4.3% on a reported basis.
Bayer has confirmed its currency-adjusted forecast for full-year 2024.i.e. based on the average monthly exchange rates in 2023. However, the negative impact from anticipated currency effects has increased based on the closing rates as of March 31, 2024. Applying the rates on that closing date instead of December 31, 2023, leads to a reduction in the forecast for EBITDA before special items from between 10.4 billion and 11.0 billion euros to between 10.2 billion euros and 10.8 billion euros, for example.
The company now expects annual core earnings per share to be in the range of 4.80 euros to 5.20 euros compared to the prior outlook of 4.95 euros to 5.35 euros.
On a currency-adjusted basis, the company still expects core earnings per share to be 5.10 euros to 5.50 euros for fiscal year 2024.
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