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CORRECTED-UPDATE 1-Bayer Q1 core profit rises on plastics growth
April 28, 2014 / 7:00 AM / 3 years ago

CORRECTED-UPDATE 1-Bayer Q1 core profit rises on plastics growth

(Corrects 6th paragraph to 366 million euros from 355 million)

* Adjusted EBITDA Q1 2.74 bln eur vs Rtrs poll 2.59 bln

* Sales 10.56 bln eur vs Rtrs poll 10.67 bln

* Still sees 2014 adj. sales up 5 pct at 41-42 bln

* Still sees 2014 adj. EBITDA low-to-mid-single digit pct

* Shares indicated 2.2 percent higher, outperforming market

FRANKFURT, April 28 (Reuters) - German drugmaker Bayer posted a quarterly rise in underlying core earnings, beating estimates, due to growth at its plastics and chemicals business.

Bayer said on Monday earnings before interest, tax, depreciation and amortization (EBITDA) before special items rose 11.6 percent to 2.74 billion euros ($3.79 billion).

Analysts in a Reuters poll had on average expected adjusted EBITDA of 2.59 billion euros.

Shares in Bayer were indicated to open 2.2 percent higher, while Germany’s blue-chip DAX index was seen up 0.4 percent.

Sales, up 2.8 percent to 10.56 billion euros, missed consensus for 10.67 billion euros on negative currency effects.

The MaterialScience division - which makes polycarbonate plastics for panoramic roofs in luxury cars and for blu-ray disks - posted a 79 percent jump in adjusted core profit to 366 million euros, well above consensus for 258 million.

Bayer’s biggest division, HealthCare, meanwhile saw adjusted EBITDA rise 1.9 percent to 1.30 billion, missing consensus for 1.32 billion euro on currency effects.

Bayer confirmed its 2014 outlook for currency-adjusted sales of around 41-42 billion euros, compared with 40.16 billion last year. It said it continued to expect a low to medium single-digit percentage increase in adjusted EBITDA for the year.

$1 = 0.7227 Euros Reporting by Marilyn Gerlach; editing by Keiron Henderson

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