Bayer AG on Tuesday reported net profit for the fourth quarter of 2022 that missed consensus expectations despite higher sales, and said it expects earnings for 2023 to be lower than the prior year as inflation remains high.
The German agricultural and pharmaceutical company posted net profit of 611 million euros ($648.3 million) for the final quarter of 2022, down from EUR1.16 billion the year prior, and missing a company-provided consensus that had expected EUR981 million. Earnings before special items were up slightly on year to EUR2.46 billion from EUR2.40 billion the previous year.
Core earnings per share rose to EUR1.35 from EUR1.26 the previous year, though earnings per share dropped to EUR0.62 from EUR1.18, the company said.
Sales rose to EUR12 billion in the quarter from EUR11.12 billion the previous year, a slight miss on a consensus forecast of EUR12.06 billion.
For the year ahead, Bayer said it expects earnings to be lower due to high inflation-driven cost increases, though sales are expected to grow, reaching a range of EUR51 billion to EUR52 billion in the year.
Ebitda before special items is expected to be in the range of EUR12.5 billion to EUR13 billion.
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