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Market Update

Daimler Reports Record Sales, Glaxo Trims Earnings Outlook


Author: Sarla Buch
ticker.com
Last Update: 11:10 AM ET July 26 2017

4:00 PM Frankfurt Atos reaffirmed fiscal outlook. BASF net declined 15% on 24% plunge in revenues on substantially lower contributions in the Oil & Gas segment. Daimler net rose 2% and forecasted fiscal 2017 growth of about 3%. Glaxo net swung to profit. ITV net plunged 15%.

In London trading, FTSE 100 index gained 27.30 or 0.4% to 7,462 and in Frankfurt the DAX index rose 41.73 or 0.3% to 12,306.32.

In Paris, CAC 40 index increased 26.32 or 0.5% to 5,187.46.

Atos SE gained 1.6% to 63.90 after France-based information technology provider said sales in the first-half ending in June soared 11.6% from a year ago to 6.3 billion.

Net profit in the period jumped 25% to 211 million from 205 million in a year ago six-month period and diluted earnings per share advanced to 2.01 from 2.

Atos reaffirmed fiscal 2017 revenues growth estimate of about 9.5% and operating margin 10%.

BASF SE slid 0.1% to 80.90 after Germany-based chemical and agricultural products maker reported sales in the first-half ending in June plunged 24% from a year ago to 14.5 billion.

Net profit in the period declined 15.4% to 1.1 billion from 1.3 billion in a year ago six-month period and diluted earnings per share slipped to 1.19 from 1.38.

Operating profit in the period slumped by 336 million to 1.7 billion from a year ago period as higher earnings in the chemicals business not compensated substantially lower contributions in the Oil & Gas segment.

Daimler AG fell 0.6% to 60.72 after Germany-based vehicles maker reported sales in the first-half ending in June jumped 7% from a year ago to 41.2 billion.

Net profit in the period rose 2% to 2.51 billion from 2.45 billion in a year ago six-month period and diluted earnings per share edged up to 2.28 from 2.27.

Daimler forecasted fiscal 2017 growth of about 3% and estimated global demand for cars to increase and demand in the EU30 region to match the prior-year level.

GlaxoSmithKline Plc dropped 2.1% to 1,555.38 pence after the U.K.-based healthcare products maker said revenues in the first-half ending in June soared 15% from a year ago to 14.7 billion.

Net in the period swung to profit 1.1 billion from 140 million in a year ago six-month period and diluted earnings per share swung to 17.7 pence from diluted loss per share of 3.2 pence.

Glaxo lowered its core fiscal 2017 earnings growth estimate in the range of 3% to 5% from 5% to 7%.

ITV Plc increased 1.7% to 178.80 pence after the U.K.-based television producer and broadcaster said total revenues in the first-half ending in June fell 1% from a year ago to 1.5 billion.

Net income in the period plunged 15.2% to 206 million from 243 million in a year ago six-month period and diluted earnings per share dropped to 5.1 pence from 6.1 pence.

ITV said total studios revenue in the period jumped 7% at 697 million on strong broadcasting business and TV broadcaster said it will continue to invest in digital business and studios.

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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