Bayer Posts Drop In Q1 Profit, But Lifts Full-Year Outlook

Germany's

reported a drop in its net profit for the first quarter and lifted its outlook for the full year. The company's quarterly net profit slipped 8.4 percent to 1.30 billion euros ($1.45 billion), versus a year-ago profit of EUR1.42 billion. Core earnings per share rose 7.7 percent to 2.10 euros versus 1.95 euros. Its sales gained 15 percent to EUR12.12 billion from EUR10.56 billion. For the full year, Bayer now projects sales of EUR48 billion to EUR49 billion, versus its earlier outlook of EUR46 billion. The company now expects core EPS to rise by a high-teen percentage, versus its earlier forecast of a low-teen percentage growth. Bayer shares fell 1.97 percent to close at $144.53 yesterday.