Net income at German pharmaceutical and chemical giant Bayer declined to 2 billion euros (2.16 billion dollars) or 2.04 euros per share in the first quarter.
Also down from 2.18 billion euros or 2.22 euros per share in the same quarter last year, the company reported on Tuesday.
Bayer said 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 its Crop Science Division.
Group sales were 13.77 billion euros in the first quarter of 2024, showing a decline of 0.6per cent on a currency and portfolio-adjusted basis and a decline of 4.3 per cent on a reported basis.
This is according to the company report.
Bayer confirmed its currency-adjusted forecast for the full 2024 year 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.
Applying the rates on that closing date instead of Dec. 31, 2023 that was led Bayer to reduce its forecast for earnings before interest, taxes and depreciation and amortisation (EBITDA).
The EBITDA should be applied before special items from between 10.4 billion euros and 11 billion to between 10.2 billion euros and 10.8 billion euros.
Bayer now expected 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 expected core earnings per share to be 5.1 euros to 5.5 euros for fiscal year 2024.
