Bayer First-Quarter Net Profit Up 38% at EUR2.08 Billion

   By Christopher Alessi

FRANKFURT--German pharmaceuticals and chemicals giant Bayer AG (BAYN.XE) on Thursday reported a 38% jump in net profit for the first quarter, boosted by growth at its separated specialty plastics unit, while raising its outlook for the full year.

Net profit for the three months ended March was 2.08 billion euros ($2.27 billion), compared with EUR1.51 billion during the same period last year, beating analysts' forecasts. Analysts had predicted a net profit of EUR1.85 billion, according to a recent poll compiled by Factset.

Bayer said it now expects sales to increase to around EUR51 billion in 2017, up from a previous forecast of more than EUR49 billion. Earnings before interest, taxes, depreciation and amortization before special items should now rise by a low-teens percentage, up from an initial estimate of a mid-single-digit percentage increase.

Sales climbed 12% to EUR13.24 billion, driven by the specialty plastics division and the pharmaceuticals business.

Write to Christopher Alessi at christopher.alessi@wsj.com

(END) Dow Jones Newswires

April 27, 2017 02:18 ET (06:18 GMT)

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