Bayer blames currency for drop in earnings and lowers guidance
German life sciences group Bayer (BAYN: DE) has laid the blame for a drop in earnings on the euro’s strength against other currencies in presenting its financial results for the first quarter of 2018.
Sales across the group dropped by nearly 6% compared to the first quarter of 2017, to 9.14 billion euros ($10.95 billion), though accounting for currency effects, this amounted to a 2% rise. Analysts had expected the figure to be 9.3 billion euros, according to a FactSet-compiled consensus.
Net earnings fell 6% to 1.95 billion euros, with earnings per share (EPS) dropping by the same percentage to 2.24 euros. Core EPS slipped 1% to 2.28 euros.
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