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Market Update

Aeroports de Paris Profit Surges, Bayer Profit Drops on Currency Volatility


Author: Sarla Buch
ticker.com
Last Update: 11:51 AM EDT May 03 2018

4:00 PM Frankfurt Arkema profit and revenues surged. Aeroports de Paris profit soared on strong traffic and passenger numbers. Bayer said profit was hurts by negative currency effects. Legrand profit surged on new products.

In London trading, FTSE 100 index decreased 45.24 or 0.6% to 7,498.12 and in Frankfurt the DAX index dropped 93.61 or 0.7% to 12,708.64.

In Paris, CAC 40 index slumped 26.66 or .5% to 5,502.52.

Arkema SA declined 3.4% to 106.40 after France-based specialty chemicals maker said sales in the first-quarter ending in March soared 7.3% from a year ago to 2.2 million.

Net profit in the quarter surged 37.2% to 188 million from 137 million in a year ago period and diluted earnings per share advanced to 2.47 from 1.81.

Groupe ADP, formerly Aeroports de Paris SA slid 0.1% to 106.40 after France-based international airport operator reported revenues in the first-quarter ending in March jumped 37.3% from a year ago to 965 million.

Net profit in the quarter soared 37.2% to 188 million from 137 million in a year ago period and diluted earnings per share advanced to 2.47 from 1.81.

The Paris airport operator said strong revenue growth was driven by the rise in traffic and international activities as passenger numbers in the first-quarter soared 13.6% to 53.7 million.

Paris Aeroport traffic advanced 3.7% to 22.8 million passengers from a year ago period.

Aviation revenues increased 2.8% to 426 million and retail and services revenues jumped 3.4% to 230 million from a year ago period.

Bayer AG rose 0.2% to 0.1% to 99.81 after Germany-based pharmaceutical and life sciences products maker reported sales in the first-quarter ending in March declined 5.5% from a year ago to 9.7 billion.

Net profit in the quarter plunged 6.3% to 1.9 billion from 2.1 billion in a year ago period and diluted earnings per share slumped to 2.24 from 2.39.

The life sciences products maker said revenue decline was driven by the fall in consumer health business, where sales tumbled 12% mainly from in the Asia-Pacific region.

Bayer forecasted fiscal 2018 profits likely to be lower than the previous estimate largely on the account of negative currency effects.

Legrand SA rose 0.2% to 64.36 after France-based switches and sockets maker reported sales in the first-quarter ending in March surged 9.6% from a year ago to 1.4 billion.

Net profit in the quarter jumped 17.7% to 175.3 million from 149 million in a year ago period and diluted earnings per share advanced to 2.47 from 1.81.

The switches and sockets maker said higher sales was driven by one-time sales in Italy and in the Rest of Europe and sales in domestic market jumped 2.7%.

Legrand forecasted fiscal 2018 sales growth in the range of 1% to 4% and operating margin between 20% and 20.5%.

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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