LEVERKUSEN (dpa-AFX) - A continued sluggish agricultural business makes Bayer more cautious for the current year. For 2024, the DAX-listed company is targeting earnings of 45.5 to 47.5 billion euros and earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for special items of 10.0 to 10.3 billion euros, according to a statement on Tuesday. Most recently, the forecast had been 10.2 to 10.8 billion euros. The average analyst estimate is at the upper end of the new target range. The Leverkusen-based company also became more cautious for 2024 on a constant currency basis.

In the past third quarter, sales fell by 3.6 percent year-on-year to EUR 9.97 billion. Without negative exchange rate effects, there would have been a small increase. Adjusted for special effects, earnings before interest, taxes, depreciation and amortization (EBITDA) fell by almost 30 percent to 939 million euros. The bottom line was a loss of just under 4.2 billion euros - after a loss of 4.57 billion a year ago. The renewed loss is mainly due to write-downs on the agricultural division./mis/jha/