Strong 3rd-qtr quarter for Bayer as profits soar

31 October 2013

German pharma and chemical major Bayer (BAYN: DE) this morning presented third-quarter 2013 financial results, showing continued positive business momentum, with substantial contributions from the Life Science businesses HealthCare and CropScience.

Group sales for the quarter came in at 9.64 billion euros ($13.30 billion), a slight dip of 0.2% at reported level, but up 6% adjusted for currency and portfolio effects (Fx & portfolio adj). Earnings before interest and tax (EBIT) leapt 47.5% to 1.22 billion euros and EBIT, depreciation and amortization (EBITDA) before special items rose 7.7% to 1.98 billion euros, more than the 1.86 billion euro average estimate in a Reuters poll. Net income increased 42.1% to 733 million euros, with core earnings per share up 8.5% to 1.27 euros.

Bayer said full year sales would be about 40 billion euros, the low end of its previously forecast of 40-41 billion euros. The company’s shares edged 0.7% higher to 93.16 euros, shortly after the firm released its results.

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