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Market Update

Allianz Expands Stock Buy Back Plan, Vallourec Narrowed Loss


Author: Sarla Buch
ticker.com
Last Update: 11:08 AM EST November 10 2017

4:00 PM Frankfurt – Allianz profit jumped despite catastrophe hit but lowered fiscal profit outlook. Bechtle lifted fiscal 2017 sales and profit forecast. Freenet profit surged 55% on 8% jump in revenues. Leonardo tumbled after weak revenues and profit estimate. Vallourec net loss narrowed.

In London trading, FTSE 100 index slumped 41.31 or 0.5% to 7,442.79 and in Frankfurt the DAX index slid 15.69 to 13,167.32.

In Paris, CAC 40 index fell 16.01 or 0.3% to 5,391.73.

For the week, FTSE 100 index decreased 1.6%, the DAX index dropped 2.3% and the CAC 40 index declined 2.2%.

Allianz SE increased 1.2% to €201.70 after Germany-based insurer and financial service provider reported revenues in the nine-month ending in September dropped 2.2% from a year ago to €94.5 billion.

Net profit in the period soared 4.9% to €5.4 billion from €5.1 million in a year ago nine-month period and diluted earnings per share advanced to €11.98 from €11.08.

Allianz forecasted fiscal 2017 operating profit in the range of €10.3 billion and €11.3 billion from the earlier estimate of profit may “near the upper end.”

Separately, Allianz announced additional share buy-back program increasing by €2 billion its current share buy-back program of up to €3 billion.

Bechtle AG soared 3.9% to €71.20 after Germany-based information technology provider reported revenues in the nine-month ending in September rose 1% from a year ago to €1.7 billion.

Net profit in the period tumbled 65.9% to €70 million from €205 million in a year ago nine-month period and diluted earnings per share advanced to €0.16 from €0.46.

Bechtle forecasted fiscal 2017 operating profit growth between €220 million and €260 million and in fiscal 2020 operating profit to grow to in the range of €310 million and €380 million.

Freenet AG jumped 2.3% to €29.67 after Germany-based mobile communications services provider reported revenues in the nine-month ending in September jumped 8.3% from a year ago to €2.6 billion.

Net profit in the period surged 54.7% to €257.5 million from €166.5 million in a year ago nine-month period and diluted earnings per share advanced to €2.01 from €1.30.

Freenet said as of September 30 the company had paid TV customers of about of 875,000 and the subscriber count is estimated to increase in fiscal 2017 to about 950,000.

As of September 30, net debt declined to €634.9 million from €787.7 million in the same period a year ago.

Leonardo SpA tumbled 20.5% to €11.23 after Italy-based-based defense and security technology provider reported revenues in the nine-month ending in September were flat from a year ago at €8 billion.

Net profit in the period plunged 20.7% to €272 million from €343 million in a year ago nine-month period and diluted earnings per share increased to €0.47 from €0.61.

Leonardo lowered fiscal 2017 revenues estimate to between €11.5 billion and €12 billion from the earlier estimate of €12 billion and operating profit in the range of €1.05 billion and €1.1 billion compared to the previous estimate of €1.25 billion and €1.30 billion.

Vallourec SA plunged 8.2% to €4.69 after France-based steel tubes maker said revenues in the nine-month ending in September soared 26% from a year ago to €2.7 billion.

Net profit in the period narrowed to €373 million from €575 million in a year ago nine-month period and diluted earnings per share decreased to €0.8 from €3.4.

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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