November 14, 2018 / 6:20 AM / 8 months ago

Merck KGaA third-quarter earnings down on weak Latam currencies

FILE PHOTO: A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski/File Photo

FRANKFURT (Reuters) - German drugs and lab supplies maker Merck KGaA (MRCG.DE) saw adjusted core earnings decline and lowered its full-year profit outlook as a decline in Latin American currencies weighed on the value of overseas sales.

Merck on Wednesday reported a 5.9 percent drop in third-quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to 963 million euros, above market expectations of 933 million.

The company said it now expected adjusted EBITDA to decline to between 3.7 and 3.9 billion euros in 2018, compared with a previous target range of 3.75 to 4.0 billion euros.

That compares with 4.25 billion euros in 2017, excluding the consumer health unit it agreed to sell to Procter & Gamble (PG.N) for 3.4 billion euros.

Reporting by Ludwig Burger; Editing by Maria Sheahan

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