FRANKFURT, Nov 12 Reuters Bayer on Tuesday lowered its fullyear operating earnings guidance and took billions in writedowns 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 10.711.3 billion euros.
The group39;s JulytoSeptember EBITDA, adjusted for oneoff items, fell almost 26 to 1.25 billion euros, missing the average analyst estimate of 1.31 billion euros posted on the company39;s website, as the company cited weak agricultural markets in Latin America.
The agriculture unit of domestic rival BASF last month reported a plunge in earnings as lower prices and weak overseas currencies outweighed higher volumes. U.S. agrichemicals competitor Corteva last week reported a largerthanexpected loss, also hurt by lower prices, leading the company to cut its fullyear sales outlook.
Bayer added that special charges of 4.1 billion euros, mainly from writedowns on intangible assets in the Crop Science division, resulted in a quarterly net loss of 4.18 billion euros, compared with a loss of 4.57 billion euros a year earlier.
It confirmed its previous currencyadjusted guidance for 2024 sales and earnings per share before certain…