Bayer to Cut 2017 Forecasts as Crop Unit Struggles in Brazil
- Consumer-health unit also is disappointing, Bayer says
- Stock slumps the most in eight months after announcement
Bayer CEO Is Confident on Monsanto, 2017 Growth
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Bayer AG plans to cut its sales and profit forecasts for this year because of unexpectedly high stockpiling in Brazil of its crop-protection products.
Full-year earnings before interest, taxes, depreciation and amortization and other special costs will be reduced by 300 million euros ($342 million) to 400 million euros, the Leverkusen, Germany-based company said in a statement on Friday. Second-quarter results will also be eroded. The stock dropped by the most in almost eight months.