{"id":131180,"date":"2023-07-25T17:52:37","date_gmt":"2023-07-25T17:52:37","guid":{"rendered":"https:\/\/organicconsumers.org\/?p=131180"},"modified":"2023-08-29T19:48:57","modified_gmt":"2023-08-29T19:48:57","slug":"bayer-slashes-outlook-as-glyphosate-demand-weakens-further-2","status":"publish","type":"post","link":"https:\/\/organicconsumers.org\/bayer-slashes-outlook-as-glyphosate-demand-weakens-further-2\/","title":{"rendered":"Bayer Slashes Outlook as Glyphosate Demand Weakens Further"},"content":{"rendered":"
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Bayer Slashes Outlook as Glyphosate Demand Weakens Further<\/h1><\/span>
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July 25, 2023 | Source: Reuters<\/a> | by Ludwig Burger & Thomas Escritt<\/p>\n<\/div>

July 25 (Reuters) – Further deterioration in demand for glyphosate-based weed killers led Bayer\u00a0(BAYGn.DE)<\/a>\u00a0to cut its full-year earnings outlook and announce a 2.5 billion euro ($2.8 billion) write-down on glyphosate-related assets.<\/p>\n

In an unscheduled statement late on Monday, the German drugs and pesticides maker said it was projecting 2023 earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-offs, to be in a range of 11.3 billion euros ($12.5 billion) and 11.8 billion euros on a currency-adjusted basis, down from 13.5 billion euros reported for 2022.<\/p>\n

That was lower than a\u00a0previous<\/a>\u00a02023 outlook of 12.5 billion euros, or slightly higher.<\/p>\n

Free cash flow would come in at zero, down from a previous prediction of 3 billion euros, said the company, which is due to release detailed second-quarter results on Aug. 8.<\/p>\n

“Based on the anticipated market development, in particular with respect to the glyphosate business, Bayer also expects to record a goodwill impairment of approximately 2.5 billion euros,” it said.<\/p>\n<\/div>

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