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Market Update

Europe Earnings: AstraZeneca, BT Group, Croda, Rentokil, Smith & Nephew


Author: Nigel Thomas
ticker.com
Last Update: 11:18 AM ET October 31 2013

4:25 PM Frankfurt AstraZeneca profit for the quarter dropped 35%. BT Group profit declined 13% to 948 million. Croda sales climbed 4%. Rentokil plunged after Invesco sold 193.7 million shares to reduce its stake. Royal Dutch Shell net tumbled 35%. Smith & Nephew profit declined 8%.

In London trading, FTSE 100 index slipped 0.7% or 49.63 to 6,728 and in Frankfurt the DAX index slid 0.1% or 6.27 to 9,004.

In Paris, CAC 40 index rose 0.3% or 11.33 to 4,285.

AstraZeneca Plc fell 1.5% to 3,280 after the U.K.-based biopharmaceutical company reported revenue in the third-quarter ending in September increased 4% to $6.25 billion from $6.68 billion a year ago.

Profit for the quarter dropped 34.6% to $1.25 billion compared to $1.52 billion and diluted earnings per share dropped to 99 cents from $1.20 a year ago period.

BT Group Plc jumped 2.3% to 378.10 pence after the U.K.-based communications service provider stated revenue in the first-half ending in September slid 1% to 8.94 billion from 9 billion a year ago.

Profit for the period declined 13% to 948 million compared to 1.09 billion and earnings per share rose 1% to 12.2 pence from 12.1 pence a year earlier.

For the quarter, BT added net 156,000 users, nearly double from the same period a year ago and narrowed line losses to 65,000. Pre-tax profits for the quarter grew 2% to 609 million but operating profit was flat at 1.36 billion.

Croda International Plc declined 6.7% to 2,458 pence after the U.K.-based marketing and technology group said sales in the first-half ending in September climbed 4.4% to 267.9 million from 256.5 million a year earlier.

Operating profit for the quarter increased 4% to 62 million and group pre-tax profit increased 5.4% to 58.6 million.

Croda said sales in consumer care segment for the quarter jumped 3.2% to 145.4 million and sales from performance technologies rose 0.4% to 95 million. Industrial chemicals sales surged 31.6% to 27.5 million.

Rentokil Initial Plc plummeted 7.4% to 103.90 after the U.K.-based business support service provider said Invesco Limited reduced its stake and will sell 193.7 million shares of Rentokil that valued approx 209 million.

Royal Dutch Shell Plc dropped 4.8% to 2,168 after the U.K.-based oil and gas explorer reported revenue in the third-quarter ending in September jumped 3.9% to $11.6 billion from $11.2 billion a year ago.

Net income for the quarter tumbled 34.6% to $4.68 billion compared to $7.16 billion and diluted earnings per share dropped to 75 cents from $1.14 a year ago period.

Smith & Nephew Plc fell 0.5% to 794.50 pence after the U.K.-based medical devices said revenue in the third-quarter ending in September climbed 5% to $1.03 billion from $952 million a year ago.

Net income for the quarter declined 7.6% to $122 million compared to $132 million and diluted earnings per share slumped to 13.5 cents from 14.7 cents a year earlier.

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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