Bayer warns of 2023 earnings as inflation remains high after disappointing quarter

Bayer AG on Tuesday reported fourth-quarter 2022 net income that fell short of consensus despite stronger sales and said it expects 2023 earnings to be lower than the previous year as inflation remains high .

German agricultural and pharmaceutical company BAYN,
-3.58%
reported a net profit of €611m ($648.3m) for the final quarter of 2022, up from €1.16bn a year earlier, and fell short of the company’s consensus, which had expected €981m. Earnings before special items rose slightly year-on-year to €2.46 billion from €2.40 billion in the prior year.

Core earnings per share rose to 1.35 euros from 1.26 euros the previous year, although earnings per share fell to 0.62 euros from 1.18 euros, the company said.

Sales rose to 12 billion euros in the quarter from 11.12 billion euros in the previous year, slightly below the consensus estimate of 12.06 billion euros.

Bayer expects profits to be lower in the coming year due to high inflation-driven cost growth, although sales are expected to pick up, reaching a range of 51 to 52 billion euros per annum.

EBITDA before special items is expected to be in the range of EUR 12.5 billion to EUR 13 billion.

Email Cecilia Butini at [email protected]

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