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Bayer says 2019 profit goal becoming a stretch

Bayer says 2019 profit goal becoming a stretch
FILE PHOTO: The Bayer AG logo sits on display at the headquarters in La Garenne-Colombes, near Paris, France, May 13, 2019. REUTERS/Benoit Tessier/File Photo -
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Benoit Tessier(Reuters)
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FRANKFURT (Reuters) – Germany’s Bayer <BAYGn.DE> became the latest agricultural supplies company to be affected by flooded farms in the United States and by trade disputes, saying its full-year earnings target has become harder to reach.

The company said in a statement on Tuesday it was still aiming for an increase in 2019 earnings before interest, taxes, depreciation and amortisation (EBITDA) before special items to about 12.2 billion euros (£11.1 billion), excluding the effect of currency swings and the planned sale of assets such as the animal health unit.

“However, this outlook is becoming increasingly ambitious in view of the challenging environment for the Crop Science business,” it added.

It also reported second-quarter sales and adjusted EBITDA that were broadly in line with market expectations.

(Reporting by Ludwig Burger; Editing by Tassilo Hummel)

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