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Market Update

Europe Earnings: Ashtead, Iliad, ProSiebenSat, Ryanair, SAS

Author: Nigel Thomas
Last Update: 12:03 PM ET September 04 2013

4:00 PM Frankfurt Ashtead profit surged as revenue climbed 24%. Iliad chief executive officer sold its stake valued 320 million. ProSiebenSat 1 Media confirm KKR and Permira sold stakes valued 760 million. Ryanair lowered fiscal outlook. SAS net surged 58%.

In London trading, FTSE 100 index rose 0.07% or 4.45 to 6,473 and in Frankfurt the DAX index gained 0.2% or 17.50 to 8,198.

In Paris, CAC 40 index increased 0.2% or 8.30 to 3,982.

Ashtead Group Plc plummeted 5.7% to 649 pence after the UK based rental equipment provider reported first-quarter revenue ending in July climbed 24% to 410.5 million from 325 million a year ago.

Profit in the quarter surged nearly three-fold to 60.7 million compared to 22.3 million and diluted earnings per share jumped 12 pence from 4.4 pence a year earlier.

Operating profit for the quarter soared 46% to 110.4 million and EBITDA jumped 34% to 176.7 million. Profit before taxation surged 173% to 97.4 million compared to 34.6 million a year ago.

Iliad SA dropped 3.2% to 178 after the France-based telecommunication Xavier Niel deputy chief executive officer sold its 3% stake valued about 320 million. Xavier still holds 55.3% stake in the company.

ProSiebenSat 1 Media AG declined 5.1% to 30.65 after the Germany-based broadcasting company confirmed Kohlberg Kravis Roberts & Co. L.P. and Permira Funds sold 25 million shares valued at 760 million through Lavena Holding 1 GmbH.

Ryanair Holdings Plc plunged 13.4% to 5.87 after the Ireland based low-cost airliner expects its full-year net profit to be at the bottom end of its earlier range of 570 million to 600 million or between 482 million and 508 million, as increased competition forces the discount airline to cut fares and capacity.

SAS AB surged 9.3% to 14.65 kronor after the Sweden-based airline company said passenger revenue in the third quarter slid 0.4% to 11.59 billion kronor from 11.64 billion kronor a year earlier. Net income for the quarter surged 58% to 844 million kronor compared to 534 million kronor a year ago quarter.

The airliner added passenger traffic in the quarter jumped 5.6% and earnings-before-interest-and-tax margin climbed 11.6% from 9% a year ago. Profit-before-tax climbed 54% to 1.12 billion kronor.

Income before tax and nonrecurring items soared 95.8% to 973 million kronor compared to 497 million kronor 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