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Market Update

Europe Earnings: Adecco, Chobani, E.ON, Ferrexpo, Maersk, Valeo


Author: Nigel Thomas
ticker.com
Last Update: 9:22 AM ET March 12 2014

4:00 PM Frankfurt – Adecco profit soared 48% to €557 million. Chobani is in talks with six potential investors for about a $5 billion investment. E.ON net fell 2% to €2.1 billion. Ferrexpo profit surged 21%. French government sold its 2.5% stake in Valeo.

In London trading, FTSE 100 index dropped 1.3% or 84.59 to 6,600.93 and in Frankfurt the DAX index declined 1.7% or 161.48 to 9,146.31.

In Paris, CAC 40 index plummeted 1.7% or 75.09 to 4,274.63.

Adecco SA climbed 5.2% to 79.10 francs after the Switzerland-based outsourcing company reported revenue in the year ending in December slipped 5% to €19.50 billion from €132.09 billion a year ago period.

Net income in the year soared 48% to €557 million compared to €174 million and basic earnings per share climbed 54% to €3.09.

Chobani Inc, the Greek yogurt maker is in talks with six potential investors for about $5 billion. The dairy company is expected to finalize the investment in the second-quarter and plans to expand internationally.

E.ON SE rose 0.2% to €13.45 after the Germany-based energy solution provider reported sales in the year ending in December dropped 7% to €122.45 billion from €132.09 billion a year ago period.

Net income in the year fell 2% to €2.14 billion compared to €2.19 billion and earnings per share slid 3% to €1.12 from €1.15 a year earlier.

Ferrexpo Plc gained 0.8% to 140.30 pence after the U.K.-based iron ore pellets producer said revenue in the year ending in December climbed 11% to $1.58 billion from $1.42 billion a year ago.

Profit for the year surged 20.7% to $263.8 million compared to $218.6 million and diluted earnings per share jumped to 44.69 cents from 37.08 cents a year earlier.

Nürburgring GmbH, the Germany-based racetracks operator sold its all assets to motor sport industry Capricorn Group for more than €100 million. The buyer will take over the assets of Nürburgring GmbH on January 1, 2015

AP Moeller - Maersk A/S dropped 2.8% to 60,650 kronor after the Denmark-based shipping and logistics company’s ex-chairman Mc-Kinney Møller’s estate sold its 1.4% stake in the company and reduced its holding to zero.

Mc-Kinney’s estate will use the proceeds of 3.55 billion kronor or $659 million to pay taxes.

Valeo SA slipped 2% to €99.11 after the French government sold its 2.5% stake for €100 per share, 1.2% below the closing price of March 11.

The government raised €200 million or $276 million as a part of its plan to sell minority stakes to raise cash.

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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