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Market Update

Europe Earnings: Beiersdorf, Daimler, Premier Foods, Serco

Author: Nigel Thomas
Last Update: 11:39 AM ET March 04 2014

4:00 PM Frankfurt Beiersdorf profit climbed 12% to 537 million and sales rose 2%. Daimler February sales grew 4%. Premier Foods said yearly net loss widened to 246 million and the company plans to raise 828 million. Serco profit soared 64% to 95 million.

In London trading, FTSE 100 index jumped 1.7% or 112.74 to 6,821.09 and in Frankfurt the DAX index climbed 2.3% or 212.62 to 9,571.51.

In Paris, CAC 40 index advanced 2.3% or 99.66 to 4,390.53.

Beiersdorf AG gained 1.9% to 67.33 after the Germany-based cosmetic products maker reported sales in the year grew 1.7% to 6.14 billion from 6.04 billion a year earlier.

Profit in the year climbed 11.9% to 537 million compared to 480 million and earnings per share rose to 2.33 from 2.08 a year ago.

Daimler AG jumped 3% to 67.33 after the Germany-based vehicles maker reported U.S. sales in February grew 3.8% to 24,971 units and Mercedes-Benz brand achieved record retails sales of 22,609, increasing 2.6%.

Premier Foods Plc slipped 1.4% to 138 pence after the U.K.-based food products retailer said revenue in the year ending in December plunged 20.1% to 856.2 billion from 1.07 billion a year ago.

Net loss in the year widened to 245.9 million compared to 17.9 million and loss per share increased to 102.6 pence from earnings of 7.4 pence a year earlier.

The company plans to sell shares and bonds to raise 828 million or $1.4 billion to reduce the debt.

Serco Group plc climbed 4.3% to 469.10 pence after the U.K.-based outsourcing service provider reported revenue in the year ending in December jumped 5.6% to 4.29 billion from 4.06 billion a year ago.

Profit for the year soared 63.9% to 95.4 million compared to 58.2 million and diluted earnings per share increased to 19.06 pence from 11.57 pence a year earlier.

The company expects adjusted operating profit for the fiscal 2014 between 220 million and 250 million and organic revenue to decline to mid-single digit percentage.

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