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Market Update

Carrefour Beats Earnings Estimates, Salzgitter Reaffirms Outlook


Author: Sarla Buch
ticker.com
Last Update: 12:26 PM EST February 28 2018

4:00 PM Frankfurt Bayer profit surged and healthcare products maker said Monsanto deal is expected to close in second quarter. Carrefour Brasil beats profit estimates. Salzgitter reaffirmed fiscal outlook.

In London trading, FTSE 100 index edged down 0.44 to 7,282.81 and in Frankfurt the DAX index increased 22.45 or 0.2% to 12,514.96.

In Paris, CAC 40 index rose 8.97 or 0.2% to 5,352.89.

For the month, FTSE 100 index declined 5%, the DAX index plunged 5.1% and the CAC 40 index plummeted 3.2%.

Bayer AG dropped 2.9% to 95.30 after Germany-based healthcare products maker reported revenues in the year ending in December rose 0.2% from a year ago to 35 billion.

Net income in the year surged 62% to 7.3 billion from 4.5 billion in a year ago period and diluted earnings per share advanced to 8.41 from 5.44.

Bayer said acquisition of the U.S.-based Monsanto is expected to close in second quarter of 2018.

Carrefour SA dropped 1.4% to 18.61 after France-based hypermarkets, supermarkets operator said net income in the fourth-quarter ending in December in its Brazil-based subsidiary Carrefour Brasil soared 11.1% from a year ago to R$596 million or $183.32 million and same store sales increased 2.2%.

The retailer forecasted fiscal 2018 net income of R$2 billion or $$617 million and overall capital expenditures of R$1.8 billion and plans to open 20 new cash-and-carry stores in the current fiscal year.

Salzgitter AG rose 0.2% to 47.46 after Germany-based steel and steel products producer reported revenues in the year ending in December soared 13.6% from a year ago to 9 billion.

Net income in the year surged 240.8% to 193.6 million from 56.8 million in a year ago period and diluted earnings per share jumped to 3.52 from 1.

Salzgitter forecasted fiscal 2018 revenues to slightly increase from fiscal 2017 and pre-tax profit of between 200 million and 250 million.

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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