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Market Update

Europe Earnings: BSkyB, Man Group, Nestle, Outotec, Remy, Sulzer

Author: Nigel Thomas
Last Update: 10:40 AM ET October 17 2013

4:25 PM Frankfurt – BSkyB profit declined 12% to £193 million on 7% increase in revenues. Nestle said sales in nine-months climbed 4%. Outotec lowered sales and profit outlook. Remy Cointreau first-half sales declined 6%. Sulzer said new orders rose 2% but lowered sales forecast for the year.

In London trading, FTSE 100 index slid 0.2% or 13.84 to 6,556 and in Frankfurt the DAX index dropped 0.6% or 55.58 to 8,790.

In Paris, CAC 40 index fell 0.5% or 20.57 to 4,223.

British Sky Broadcasting Group Plc surged 5.9% to 930 pence after the U.K.-based pay television service provider reported revenue in the first-quarter ending in September jumped 7% to £1.84 billion from £1.72 billion a year ago period.

Profit for the quarter declined 12% to £193 million compared to £219 million and diluted earnings fell 12.2 pence from 13.2 pence a year earlier.

Adjusted operating profit in the quarter dropped 8%.

For the quarter, the BSkyB said new-paid for subscription products surged 50% to 800,000 and net new broadband customers jumped 9% to 111,000. On Demand usage climbed four-fold.

Man Group Plc, the U.K.-based investment company said assets under management for the quarter ending in September increased to $52.5 billion from $52 billion as of June 30. Net inflows in the quarter were $0.7 billion resulting from inflow of $4.1 billion and redemptions of $3.4 billion.

Guaranteed product funds under management decreased by $1.7 billion in the quarter to $3.0 billion.

Nestle SA jumped 3.1% to 63.90 francs after the Switzerland-based food and beverage maker reported sales in the nine-month ending in September climbed 4.4% to 68.4 billion francs from 65.7 billion francs a year ago.

Nestle’s emerging-market revenue jumped 8.8% and global business rose 1.1%. Real organic growth in the period was 2% in the Americas, 1.9% in Europe and 5.8% in Asia, Oceania and Africa.

Outotec Oyj plunged 15.5% to €8.22 after the Finland-based mineral process solution provider lowers its financial guidance for the first-nine and sales in the range of €2.1 billion to €2.3 billion and operating profit margin from business operations between 9.5% and 10.5%.

Remy Cointreau SA dropped 2.8% to €8.22 after the France-based wines and spirits maker said sales in the first-half ending in September declined 6.3% to €558 million from €595.8 million a year earlier. Group brand sales slumped 8.4% to €447.6 million compared to €488.4 million a year ago period.

The liquor maker said Martin brand sales during the period declined 13% and liqueurs & spirits sales climbed 7.2%. Partner brands sales increased 2.8% to €110.5 million.

Sulzer AG declined 4.8 to 131.60 francs after the Switzerland-based machinery and equipment maker said order intake for the third quarter rose 1.8% to 3 billion francs and lowered sales forecast for the year from 4.02 billion francs in a year ago.

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