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Market Update

Europe Earnings: Adidas, Carillion, Legal & General, Standard Chartered, Soco

Author: Nigel Thomas
Last Update: 11:20 AM ET March 05 2014

4:00 PM Frankfurt Adidas net surged 49% to 787 million. Carillion profit tumbled 32.9% to 110.6 million and won two contracts worth 520 million. Legal & General profit climbed 10% to 1.1 billion. Standard Chartered profit dropped 7% to $7 billion. Soco Intl net dropped 50%.

In London trading, FTSE 100 index slipped 0.5% or 32.18 to 6,791.59 and in Frankfurt the DAX index slid 0.1% or 15.07 to 9,574.08.

In Paris, CAC 40 index rose 0.1% or 3.55 to 4,399.45.

Adidas AG dropped 1.9% to 81.76 after the Germany-based sports footwear, apparel and accessories maker reported sales in the fourth-quarter ending in December climbed 3% to 14.5 billion from 14.9 billion a year ago.

Net income in the quarter surged 49% to 787 million compared to 526 million and diluted earnings per share jumped to 3.76 from 2.52 a year earlier.

The company added Adidas and Reebok brand sales increased 10% and 9% respectively and comparable retail store sales increased 3%.

Adidas forecasted net income in the first-quarter to be between 830 million and 930 million and operating profit increase of 8.5% to 9%.

Carillion Plc gained 1.7% to 384.60 pence after the U.K.-based construction service provider won a 150 million contract from the Middle East and Canada-based Bouchier Carillion was selected as the preferred bidder for support services contracts valued 370 million.

The company said total revenue in the year plunged 6.8% to 4.1 billion from 4.4 billion and pre-tax profit tumbled 32.9% to 110.6 million from 164.8 million a year earlier. The company received additional orders worth 4.9 billion in the year.

Legal & General Plc slipped 1.9% to 235.90 pence after the U.K.-based investment company said total revenue in the year ending in December soared 12% to 39.3 billion a year earlier.

Profits in the year climbed 10% to 1.13 billion compared to 1.03 billion a year ago.

Standard Chartered Plc declined 1.9% to 1,250 pence after the U.K.-based retail and commercial bank reported total revenue slid 1% to $18.67 billion from $18.78 billion a year ago.

Net profit dropped 7% 6.96 billion compared to 7.12 billion a year earlier and the bank blamed the decline in net partly on the impairment charges incurred in its South Korean business.

SOCO International Plc tumbled 12.3% to 407.50 pence after the U.K.-based oil and gas explorer reported revenue in the year ending in December slipped 12% to $608.1 million from $621.6 million a year ago period.

Profit in the year plummeted 49.7% to $104.1 million compared to $207 million and diluted earnings per share declined to 31.6 cents from 62.6 cents a year earlier.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc