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Germany's Merck tones down outlook on strong euro

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Germany's Merck tones down outlook on strong euro

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By Ludwig Burger FRANKFURT (Reuters) – Germany’s Merck KGaA <MRCG.DE> said it was now targeting the lower end of its earnings forecast range for 2017 after a stronger euro inflated production costs of its high-tech chemicals sold in Asia. That goes for both its target ranges for 2017 revenues of 15.3 to 15.7 billion euros (13.52 billion pounds to 13.87 billion pounds)and for adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 4.4 to 4.6 billion euros, the company said on Thursday. The family-controlled group’s third-quarter adjusted EBITDA slipped 8.3 percent to 1.1 billion euros, broadly in line with market expectations.

(Reporting by Ludwig Burger; Editing by Maria Sheahan)
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