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Market Update

Credit Agricole Misses Estimates, ThyssenKrupp Benefits from Steel Price Gains


Author: Sarla Buch
ticker.com
Last Update: 11:20 AM EDT May 15 2018

4:00 PM Frankfurt – Credit Agricole profit declined on weak retail and capital markets. Commerzbank profit jumped but revenues slumped. Merck profit tumbled 35% and the pharmaceuticals maker reaffirmed fiscal 2018 revenues forecast. ThyssenKrupp net swings to profit on the steel prices revival.

In London trading, FTSE 100 index increased 25.88 or 0.3% to 7,736.86 and in Frankfurt the DAX index edged up 3.82 to 12,983.66.

In Paris, CAC 40 index rose 9.03 or 0.2% to 5,548.96.

Credit Agricole SA gained 1.1% to €13.56 after France-based retail, corporate banking and insurance services provider reported revenues in the first-quarter ending in March rose 0.1% from a year ago to €8.3 billion.

Net profit in the quarter declined 10.7% to €1.4 billion from €1.6 billion in a year ago period.

The lender lifted fiscal 2018 cost savings target to 60% from the consolidation of U.S. asset manager Pioneer from the earlier estimate of 40%.

Commerzbank AG jumped 2.8% to €10.89 after Germany-based banking and financial services provider said revenues in the first-quarter ending in March dropped 3.7% from a year ago to €2.3 billion.

Net profit in the quarter jumped 9.2% to €250 million from €229 million in a year ago period and diluted earnings per share increased to €0.20 from €0.18.

The bank reaffirmed in fiscal 2018 “higher revenues growth” in private and small business customers segment and for its corporate clients segments despite the ongoing investments in digitalization and will manage its costs near about €7 billion.

Merck KgaA declined 6.5% to €79.58 after Germany-based life sciences products maker reported net sales in the first-quarter ending in March slumped 4.4% from a year ago to €3.7 billion.

Net profit in the quarter tumbled 34.8% to €341 million from €523 million in a year ago period and diluted earnings per share dropped to €0.78 from €1.20.

As of March 31, Merck lowered its net financial debt by €170 million to under the €10 billion from €10.1 billion in December 31, 2017.

Merck reaffirmed fiscal 2018 revenue growth between 3% and 5% from a year ago period and group net sales in the range of €15 billion to € 15.5 billion and after planned divestment of Consumer Health business between €14 billion and €14.5 billion and operating profit between €3.95 billion and €4.15 billion.

ThyssenKrupp AG plunged 6.1% to €21.83 after Germany-based industrial conglomerate said net sales in the first-half ending in March fell 1.1% from a year ago to €20.3 billion.

Net in the quarter swung to profit €344 million from a loss of €855 million in a year ago period and diluted earnings per share swung to €0.52 from diluted loss per share of €1.54.

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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