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Market Update

BMW, SocGen Profit Hurt by Weaker Dollar; HSBC Launches Stock Repurchase


Author: Sarla Buch
ticker.com
Last Update: 11:18 AM EDT May 04 2018

4:00 PM Frankfurt BMW reported rising global vehicle sales but profitability was hurt by weaker dollar. HSBC profit fell on higher operating expenses and the bank announced $2 billion of stock repurchase. Societe Generale revenues were impacted by low interest rate and weaker dollar.

In London trading, FTSE 100 index advanced 59.62 or 0.8% to 7,562.68 and in Frankfurt the DAX index increased 90.43 or 0.7% to 12,780.28.

In Paris, CAC 40 index edged up 4.10 to 5,506.35.

Bayerische Motoren Werke AG slipped 1.3% to 90.97 after Germany-based automobiles, motorcycles and aircraft engines maker reported sales in the first-quarter ending in March slumped 5% from a year ago to 22.7 billion.

Net profit in the quarter increased 1.3% to 2.30 billion from 2.27 billion in a year ago period and diluted earnings per share rose to 3.47 from 3.45.

Automotive segment revenues dropped 3.4% to 19.3 billion, impacted by currency effects and operating profit was flat at 1.9 billion from a year ago period.

Overall, the BMW brand delivery advanced 2.8% to 517,447 units and its MINI brand also performed well and jumped 4% to 86,375 units and sales in Rolls-Royce division surged 10.1% to 807 units from the same period a year ago.

GEA Group AG rose 0.2% to 33.16 after Germany-based foods equipment and process technology provider said revenues in the first-quarter ending in March gained 3.5% from a year ago to 1.04 billion.

Net profit in the quarter tumbled 93.9% to 3.4 million from 55.4 million in a year ago period and diluted earnings per share declined to 0.02 from 0.29.

GEA said as of March 31, order received dropped 2.9% to 1.1 billion and total order backlog increased 0.5% to 2.4 billion from a year ago period.

HSBC Holdings Plc dropped 2.2% to 706 pence after the U.K.-based banking and financial services provider reported revenues in the first-quarter ending in March soared 6% from a year ago to $13.7 billion.

Net profit in the quarter edged down 0.5% to $3.74 billion from $3.76 billion in a year ago period and diluted earnings per share slid to 15 cents from 16 cents.

Net loans and advances to customers rose 2% to $17 billion and operating expenses surged 13% to $9.4 billion.

The bank plans to launch up to $2 billion of stock buy back in the current year.

Societe Generale SA tumbled 7.3% to 41.65 after France-based banking and financial services provider reported revenues in the first-quarter ending in March declined 2.8% from a year ago to 6.3 billion.

Net profit in the quarter soared 13.8% to 850 million from 747 million in a year ago period and diluted earnings per share advanced to 0.93 from 0.77.

The bank said revenues in domestic retail banking business was impacted by the low interest rate and lower revenues in global banking and investor business was particularly impacted by weaker dollar.

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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