Bayer Q3 Profit Surges; Backs FY22 Outlook – Quick Facts

German pharmaceutical and life sciences company Bayer Group (BAYZF.PK,BAYRY.PK,BYR.L) reported Tuesday that its third-quarter net income was 546 million euros, significantly higher than last year’s 85 million euros.

Earnings per share were 0.56 euro, up from 0.09 euro last year.

Core earnings per share were 1.13 euros, compared to 1.05 euros a year ago.

EBITDA before special items rose 17.3 percent to 2.451 billion euros.

Group sales increased 15.3 percent to 11.281 billion euros from last year’s 9.78 billion euros. Sales grew 5.7 percent on a currency- and portfolio-adjusted basis.

Further, the company confirmed the Group outlook for 2022, which was raised in August.

Bayer then said it expects to generate sales of 50 billion to 51 billion euros for the year, or 47 billion to 48 billion euros on a currency-adjusted basis.

EBITDA before special items was expected to be around 13.0 billion euros, and EBITDA margin before special items of around 26 to 27 percent on a currency-adjusted basis.

Core earnings per share were expected to come in at approximately 7.70 euros.

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Adam’s Polishes Recalls Hand Sanitizer

Thornton, Colorado-based Adam’s Polishes, LLC is recalling various lots of hand sanitizer to the consumer level due to potential contamination with methanol, the U.S. Food and Drug Administration said.

The FDA testing has found lot 133475 to contain undeclared methanol. The company is also recalling 19 other lots in an abundance of caution.

The recalled product is used as a hand sanitizer marketed to help decrease bacteria on the skin when soap and water are not available.

Adam’s Polishes Hand Sanitizer is packaged in 4oz., 8oz. 16oz., and one gallon bottles. These bottles are spray bottles for the 4oz, 8oz and 16oz and jugs for the gallon bottles.

The hand sanitizer was distributed across the United States to internet customers between June 2020 and March 2022.

According to the ageny, persons who accidently ingest these products are at risk for methanol poisoning. Substantial methanol ingestion can result in coma, seizures, permanent blindness, permanent damage to the central nervous system, or death.

However, Adam’s Polishes has not received any reports of injury, illness, or other adverse events related to the recalled product to date.

Consumers who have any recalled Adam’s Polishes Hand Sanitizer products are asked to immediately stop using the product and dispose of it.

In similar recalls, Best Brands Consumer Products, Inc. in April called back two lots of Disney-brand hand sanitizers due to the presence of benzene, a human carcinogen, and methanol.

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Munich Re Q3 Profit Rises; Annual Profit Target Unchanged

Munich Re (0KFE.L) reported third-quarter profit of 527 million euros compared to 366 million euros, prior year. Gross premiums written were significantly up year on year by 17.8% to 18.2 billion euros.

For the nine month period, profit was 1.90 billion euros compared to 2.06 billion euros, last year. Gross premiums written rose by 14.0% to 50.91 billion euros.

Munich Re has raised guidance for gross premiums for the Group to 67 billion euros, revised from prior guidance of 64 billion euros. The company is still aiming for a consolidated result of 3.3 billion euros for 2022. The Group noted that this target will be significantly more difficult to achieve given the claims experience and business environment, and it is subject to the realisation of anticipated positive one-off effects in fourth quarter.

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Evonik Q3 Profit Falls, But Sales Rise; Ups Sales Outlook

Evonik Industries AG (EVK.DE), a German specialty chemicals firm, on Tuesday posted a decline in earnings for the third-quarter, amidst a fall in sales volumes sold. However, the company reported an increase in revenue backed by price rise.

In addition, for the full-year, the chemicals maker has confirmed its adjusted EBITDA guidance, while raising sales outlook.

For the three-month period, the Essen-headquartered company posted a net income of 214 million euros, compared with 235 million euros, a year ago. Excluding items, earnings were at 253 million euros, versus 269 million euros of previous year quarter.

Post-tax income stood at 215 million euros as against 240 million euros, posted for the third-quarter of 2021.

Adjusted EBIT moved down to 342 million euros from last year’s 387 million euros.

Adjusted EBITDA was at 615 million euros, compared with 645 million euros of last year quarter.

The company’s sales rose to 4.878 billion euros from 3.871 billion euros, during the corresponding period of previous fiscal.

Looking ahead, for the fiscal 2022, Evonik has confirmed its adjusted EBITDA outlook range of 2.5 billion euros to 2.6 billion euros.

The German firm now expects its full-year sales at 18.5 billion euros. Earlier, Evonik had projected its annual sales to be in the range of 17 billion euros – 18 billion euros.

DAX Rallies Led By Banks

German stocks rallied on Tuesday, the U.S. dollar weakened, and Eurozone yields fell as focus shifted to a two-day policy meeting of the Federal Reserve that gets underway later today.

It is widely believed that Fed might signal a slowdown of its tightening path after delivering a 75-bps rate hike on Wednesday.

Doubts remain, however, about whether the Fed will soften hits hawkish stance amid many risks surrounding the inflation outlook.

The benchmark DAX jumped 135 points, or 1 percent, to 13,389 after finishing marginally higher the previous day.

Economy-sensitive stocks were moving higher, with lenders Commerzbank and Deutsche Bank rising around 2 percent each.

Automakers BMW, Mercedes Benz and Volkswagen were up around 1 percent each.