Bayer core earnings growth tempered by high feedstock costs
FRANKFURT, April 25
FRANKFURT, April 25 (Reuters) - Quarterly underlying core earnings at Bayer, Germany's largest drugmaker, edged 0.4 percent higher as strong demand for its farming pesticides was offset by high raw material costs at its plastics and chemicals unit.
First-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 2.45 billion euros ($3.18 billion), which was slightly below the average estimate in a Reuters poll of 2.59 billion.
Bayer, which celebrates its 150th anniversary this year, confirmed on Thursday it expected adjusted EBITDA to grow by a medium single-digit percentage in 2013.
($1 = 0.7695 euros) (Reporting by Ludwig Burger)
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