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)