Saturday, July 20, 2024
HomeAg NewsBayer Lowers Outlook on Reduced Glyphosate Sales

Bayer Lowers Outlook on Reduced Glyphosate Sales

The Bayer Group adjusted its full-year outlook for 2023 downward this week, mainly due to a significant further decline in sales of glyphosate-based products.

For full-year 2023, Bayer now anticipates sales of between 48.5 billion and 49.5 billion euros, or roughly $54 billion in U.S. funds. The company also adjusted its forecast for core earnings per share to between 6.20 and 6.40 euros, which was previously forecasted at 7.20 to 7.40 euros. Bayer already guided towards the lower end of its Group sales and earnings forecast for this year. Further price declines and lower volumes due to channel de-stocking, especially for glyphosate-based products, as well as adverse weather conditions, have increased pressure.

Based on the anticipated market development, in particular with respect to the glyphosate business, Bayer also expects to record a goodwill impairment of approximately 2.5 billion euros. This will result in negative Group net income of approximately two billion euros for the second quarter of 2023.

- Advertisment -

Latest Stories