(RTTNews.com) – German conglomerate Bayer AG (BAYZF.PK, BAYRY.PK, BYR.L) reported that its fourth-quarter net income declined 26.1 percent to 453 million euros from 613 million euros in the year-ago period. Earnings per share decreased to 0.53 euros from 0.74 euros last year.
However, core earnings per share from continuing operations rose to 1.19 euros from 1.08 euros last year.
Group sales increased 4.7 percent in the quarter to 11.82 billion euros from 11.29 billion euros a year ago.
Looking ahead, Bayer said it targets further growth in both sales and earnings in 2017.
The company intends to increase its fiscal 2017 core earnings per share from continuing operations by a mid-single-digit percentage, but noted that only 64 percent of Covestro will be reflected for the full year 2017.
Full-year sales of the Bayer Group including Covestro are projected to increase to more than 49 billion euros. This corresponds to a low- to mid-single-digit percentage increase on a currency- and portfolio-adjusted basis. EBITDA before special items is forecast to grow by a mid-single-digit percentage.
In 2017, Covestro is expecting an increase in sales and EBITDA before special items that is level with or higher than the previous year.
Bayer said it is also making good progress with refinancing the agreed acquisition of Monsanto Co ( MON ). The company has successfully implemented both the acquisition financing of $ 57 billion and the first equity measure in the amount of 4 billion euros.
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Plantations International