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Market Update

Adidas Lifted Outlook, Dassault Net Boosted by Rafael Exports to India


Author: Sarla Buch
ticker.com
Last Update: 10:58 PM ET March 08 2017

4:00 PM Frankfurt – Admiral Group net plunged on the latest discount rate cut. Adidas lifted fiscal 2017 outlook. Boskalis net swung to a loss. Deutsche Post net surged. Dassault Aviation net jumped on two major contracts from India. G4S net soared on new contracts. Legal & General net jumped.

In London trading, FTSE 100 index rose 8.45 to 7,347.61 and in Frankfurt the DAX index increased 34.04 or 0.3% to 12,000.18.

In Paris, CAC 40 index gained 13.93 or 0.3% to 4,968.93.

Admiral Group Plc increased 0.8% to 1,814 pence after the U.K.-based automobile insurance services provider said total revenues in the year ending in December soared 13% from a year ago to £1.02 billion.

Net income in the year plunged 25.9% to £222.2 million from £300 million a year ago and diluted earnings per share slumped to 78.5 pence from 107.1 pence.

The insurance services provider said Chancellor Elizabeth Truss slashed the discount rate for personal injury damage to -0.75% from 2.5%.

However, pre-tax profits in the year rose 3% to £389.7 million as customer count increased 16% to 5.2 million. U.K. business customers soared 14% to 4.1 million and customers in international insurance segment surged 28% to 864,200.

adidas AG surged 7.5% to €171.70 Germany-based sports goods maker reported sales in the year ending in December jumped 14% from a year ago to €19.3 billion.

Net income in the year soared 60.5% from a year ago to €1.02 billion from €634 million and diluted earnings per share advanced to €4.99 from €3.15.

Adidas lifted fiscal 2017 sales forecast to increase in the range of 11% to 13% and net income to rise between 8% and 20% or up to €1.2 billion and management proposed a dividend of €2 per share.

Koninklijke Boskalis Westminster NV plunged 6% to €32.46 after the Netherlands-based dredging and earthmoving services provider stated revenues in the year ending in December declined 20% from a year ago to €2.6 billion.

Net in the year swung to a loss from a year ago to €563.7 million from profit of €440.2 million and diluted net per share swung to a loss of €4.40 from diluted earnings per share of €3.54.

Boskalis posted its first yearly loss in 20-years as it booked non-cash impairment charges of €840 million after market conditions deteriorated in offshore energy sector.

Deutsche Post AG dropped 2.3% to €31.46 after Germany-based postal services provider said revenues in the year ending in December fell 3.2% from a year ago to €57.3 billion.

Net income in the year surged 73.3% from a year ago to €2.6 billion from €1.5 billion and diluted earnings per share jumped to €2.10 from €1.22.

In fiscal 2017, Deutsche Post DHL Group forecasted group operating profit to increase to €3.75 billion and PeP division may contribute approx €1.5 billion while DHL division’s operating profit is estimated at €2.6 billion.

Dassault Aviation SA fell 0.5% to €1,075.10 after France-based civil and combat aircrafts maker reported revenues in the year ending in December plummeted 12.7% from a year ago to €3.7 billion.

Net income in the year jumped 167.8% from a year ago to €379 million from €141.5 million and diluted earnings per share increased to €45 from €16.

Net new orders in the year eased to €9.56 billion from €9.88 billion in the year ago and total order book increased to €20.3 billion from €14.3 billion, largely on the 36 Rafael jet orders from India’s defense agency.

G4S Plc surged 7.7% to 288.10 pence after the U.K.-based security and related services provider said revenues in the third-quarter ending in December advanced 10.6% from a year ago to £7.6 billion.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc