Bayer 1Q 2019 Profit Fell on Restructuring, Acquisition Costs
April 25 2019 - 2:15AM
Dow Jones News
By Nathan Allen
Bayer AG (BAYN.XE) said Thursday that its first-quarter earnings
dropped nearly 37% due to previously flagged costs relating to its
restructuring and its acquisition of Monsanto.
The German chemical-and-pharmaceutical company said profit fell
to 1.24 billion euros ($1.39 billion) from EUR1.95 billion a year
earlier.
Sales rose to EUR13.02 billion from EUR9.14 billion, the company
said.
Analysts had forecast net profit of EUR1.38 billion on sales of
EUR12.54 billion, according to a FactSet-compiled consensus.
The company booked costs of EUR492 million from the integration
of Monsanto and EUR393 million from restructuring.
Bayer said it faces lawsuits from around 13,400 plaintiffs in
cases relating to the glyphosate weedkiller products it inherited
through the acquisition of Monsanto, up from around 11,200 in
February.
On Wednesday, Bayer urged the California Appeals Court to
reverse the $78.5 million verdict reached in the first of the cases
to go to trial, arguing the jury's verdict and the damages awarded
can't be reconciled with the applicable laws or scientific
consensus.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
April 25, 2019 02:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Bayer Aktiengesellschaft (PK) (USOTC:BAYRY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bayer Aktiengesellschaft (PK) (USOTC:BAYRY)
Historical Stock Chart
From Apr 2023 to Apr 2024
