Bayer’s 2nd-qtr earnings hit by currency, missing expectations
Germany’s pharma and life sciences major Bayer (BAYN: DE) posted a solid set of second-quarter 2014 financial results this morning but, largely due to the strength of the euro, came in below analysts’ expectations. Nevertheless, the firm’s shares moved 2.3% higher to 101.75 euros in early trading.
Bayer’s group turnover for the quarter increased 0.9% to 10.46 billion euros ($14.05 billion), missing the average estimate of 10.6 billion euros, despite a strong showing from the company’s news drugs. Earnings before interest, taxes, depreciation, amortization and special items (EBITDA) rose 1% 2.22 billion euros, falling short of the 2.3-billion-euro average estimate of 10 analysts surveyed by Bloomberg.
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