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Bayer Q3 net income increased 18.8 percent

Staff Writer |
Bayer reported that its third-quarter net income climbed 18.8 percent to 1.19 billion euros from last year's 999 million euros.

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Earnings per share were 1.43 euros, up 18.2 percent from 1.21 euros last year. Core earnings per share from continuing operations were 1.73 euros, compared to 1.69 euros a year ago.

EBITDA before special items was 2.68 billion euros, 6 percent higher than last year.

In the quarter, sales grew 2.3 percent to 11.26 billion euros from 11 billion euros in the prior year. Sales increased by 3.5 percent after adjusting for currency and portfolio changes.

Looking ahead, for fiscal 2016, the company now expects core earnings per share from continuing operations to grow by a high-single-digit percentage, compared to previous estimate of a mid- to high-single-digit percentage growth.

Bayer Group, including Covestro, is still expected to record sales of 46 billion euros to 47 billion euros. This continues to correspond to a low-single-digit percentage increase on a currency- and portfolio-adjusted basis.

As before, the company plans to increase EBITDA before special items by a high-single-digit percentage.

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