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Market Update

Continental, E.ON, Siemens Net Surge; ArcelorMittal Net Loss Widens


Author: Nigel Thomas
ticker.com
Last Update: 12:46 PM ET May 07 2015

4:00 PM Frankfurt ArcelorMittal net loss widened. Continental profit climbed 12%. Commerzbank net soared 83% to 366 million. E.ON profit jumped 29% to 1.2 billion. Siemens net surged more than three-fold to 3.9 billion. Veolia net climbed 88% to 212 million.

In London trading, FTSE 100 index slipped 0.7% or 48.60 to 6,885.14 and in Frankfurt the DAX index gained 0.5% or 53.83 to 11,403.98.

In Paris, CAC 40 index fell 0.4% or 19.08 to 4,962.51.

ArcelorMittal SA declined 2.8% to 9.31 after the Luxembourg-based steel maker reported sales in the first-quarter ending in March declined 13.5% to $17.12 billion from $19.79 billion in a year ago period.

Net loss in the quarter widened from a year ago to $728 million compared to $205 million and diluted loss per share increased to 41 cents from 12 cents.

The company said total steel shipments in the quarter jumped 3% to 21.6 million metric tons from a year ago period.

The company said sales in the Europe segment climbed 5.9% to 7.6 billion and operating profit of 281 million from 58 million in a year ago period.

Depreciation in the quarter dropped to $807 million compared to $982 million in the fourth-quarter. Impairment charges in the fourth-quarter were $264 million.

Continental AG gained 1.2% to 209.20 after the Germany-based tire maker said revenues in the first-quarter ending in March soared 14% to 9.57 billion form 8.39 billion in a year ago period.

Net profit in the quarter climbed 11.6% from a year ago to 656.7 million compared to 588.3 million and earnings per share jumped to 3.28 from 2.94.

The tire maker forecasted sales for the current fiscal year of about 39 billion from earlier estimate of about 38.5 billion.

BASF SE fell 0.8% to 85.68 after the Germany-based chemicals group agreed to divest parts of its pharmaceutical ingredients business to Switzerland-based drug contract manufacturer Siegfried Holding for 270 million, including assuming debts.

Commerzbank, the Germany-based financial services provider said revenues in the first-quarter ending in March surged 23% to 2.78 billion form 2.26 billion in a year ago period.

Net profit in the quarter soared 83% from a year ago to 366 million compared to 200 million and earnings per share jumped to 3.28 from 2.94.

E.ON SE jumped 2.2% to 13.97 after the Germany-based energy solutions provider stated revenues in the first-quarter ending in March dropped 2% to 30.55 billion form 31.04 billion in a year ago period.

Net profit in the quarter jumped 29.3% from a year ago to 1.17 billion compared to 905 million and earnings per share increased to 0.55 from 0.40.

E.ON forecasted operating profit for the year may between 1.4 billion and 1.8 billion.

RTL Group S.A slumped 1.9% to 81.34 after the Luxembourg-based broadcasting services provider said revenues in the first-quarter ending in March fell 0.4% to 1.308 billion form 1.313 billion in a year ago period.

Net income in the quarter climbed 16.5% from a year ago to 106 million compared to 91 million and earnings per share advanced to 0.69 from 0.59.

Siemens AG decreased 1.2% to 13.97 after the Germany-based conglomerate stated revenues in the second-quarter ending in March climbed 8% to 18.05 billion form 16.70 billion in a year ago period.

Net income in the quarter surged more than three-fold from a year ago to 3.89 billion compared to 1.12 billion and earnings per share jumped to 4.70 from 1.33.

Veolia Environnement VE SA rose 0.7% to 18.17 after the France-based environmental services provider said revenues in the second-quarter ending in March soared 8.5% to 6.31 billion form 5.81 billion in a year ago period.

Net profit in the quarter climbed 87.8% from a year ago to 212 million compared to 113 million and earnings per share jumped to 4.70 from 1.33.

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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