Bayer 3rd-qtr boosted by pharma; beats expectations
Germany’s Bayer (BAYN: DE) reports this morning that third-quarter 2016 profit before interest, taxes, depreciation and amortization (EBITDA), adjusted for one-off items, rose 6% to 2.68 billion euros ($2.91 billion), exceeding the average estimate of 2.52 billion euros in a Reuters poll of analysts.
Net profits increased 18.8% to 1.2 billion euros for the three months. Analysts surveyed by Factset had predicted profits of 1.08 billion euros. Core earnings per share increased by 2.4% to 1.73 euros. Notwithstanding that the results beat expectations, Bayer’s shares were down 1.55% to 90.08 euros by mid-morning.
Sales of the Bayer Group increased by 2.3% (Fx & portfolio adj 3.5%) in the third quarter to 11.26 billion euros. Growth was driven by the firm's prescription drugs division, which boosted its underlying profit 16.5% to 1.1 billion euros on stronger sales.
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