Dow Jones Newswires: Bayer trims losses and raises 2022 forecasts

by | Aug 4, 2022 | Stock Market

By Cecilia Butini Bayer AG on Thursday lifted its guidance for the full year after a sales beat in the second quarter and a boost from positive currency effects, though it posted a net loss for the quarter and said it took on some impairments and litigation-related charges. The German pharmaceutical-and-agricultural company posted a net loss of 298 million euros ($303 million) for the second quarter, narrowed from a loss of EUR2.34 billion the year prior, when profits were affected by the setting aside of provisions to continue litigation on its Roundup weedkiller.

Earnings before interest and taxes swung to EUR169 million from a loss before interest and taxes of EUR2.28 billion the year prior. Bayer said the metric was hit by net special charges of EUR2.11 billion including impairment losses related to its agricultural division. Other special charges were related to continuing litigation and restructuring measures. Sales for the quarter beat consensus expectations, rising to EUR12.82 billion from EUR10.85 billion the year prior, mainly driven by gains in its Crop Science and Consumer Health division, Bayer said. The company lifted its 2022 guidance, saying it now expects to generate sales of between EUR47 billion and EUR48 billion, and earnings before in …

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