November 9, 2017 / 6:29 AM / in a month

Germany's Merck tones down outlook on strong euro

FRANKFURT, Nov 9 (Reuters) - Germany’s Merck KGaA said it was now targeting the lower end of its earnings forecast range for 2017 after a stronger euro inflated production costs of its high-tech chemicals sold in Asia.

That goes for both its target ranges for 2017 revenues of 15.3 to 15.7 billion euros ($17.8-$18.2 billion) and for adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 4.4 to 4.6 billion euros, the company said on Thursday.

The family-controlled group’s third-quarter adjusted EBITDA slipped 8.3 percent to 1.1 billion euros, broadly in line with market expectations.

$1 = 0.8618 euros Reporting by Ludwig Burger; Editing by Maria Sheahan

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