By Cecilia Butini
Bayer AG on Tuesday posted a net loss for the third quarter and confirmed its outlook for 2020.
The German pharmaceutical and chemical conglomerate said net loss for the quarter was 2.74 billion euros ($3.19 billion), narrowed from the previous quarter but a swing from a profit of EUR1.04 billion for the same quarter last year.
Earnings before interest, taxes, depreciation and amortization before special items came in at EUR1.80 billion compared with EUR2.29 billion a year prior.
Sales for the quarter came to EUR8.51 billion compared with EUR9.83 billion for the same quarter in 2019.
Analysts polled by Vara Research had company sales at EUR9.05 billion for the quarter.
The company backed its currency-adjusted outlook for 2020. It expects sales to grow to between EUR43 billion and EUR44 billion, and Ebitda before special items to be around EUR12.1 billion, both on a currency-adjusted basis.
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(END) Dow Jones Newswires
November 03, 2020 02:13 ET (07:13 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.