May 3, 2018 / 5:54 AM / 6 months ago

Bayer cuts full-year guidance on strong euro

FRANKFURT, May 3 (Reuters) - German drug and crop chemical Bayer on Thursday cut its full-year guidance as a stronger euro weighs on the value of overseas revenues.

Sales would likely decline in 2018 in the low single-digit percentage range to below 35 billion euros ($42 billion), where it had previously predicted about 35 billion euros for the year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-offs, were set to decline by a low-single-digit percentage and not match the prior-year level, as previously forecast.

Bayer’s adjusted (EBITDA) for the first quarter slipped 5 percent to 2.90 billion euros, hurt by a drop in sales of consumer care products. That was slightly higher than the average forecast by analysts of 2.83 billion euros. ($1 = 0.8343 euros) (Reporting by Ludwig Burger Editing by Edward Taylor)

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