Bayer cuts FY operating profit outlook on weak agriculture markets
Bayer on Tuesday lowered its full-year operating earnings guidance and took billions in write-downs on agricultural markets in Latin America, becoming the latest maker of farming supplies to be burdened further by low demand. The German group said it now expects to generate earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items and the impact of currency swings, of between 10.4 billion euros ($11.1 billion) and 10.7 billion euros, down from a previous forecast of 10.7-11.3 billion euros.