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Market Update

Europe Earnings: Credit Agricole, Deutsche Telekom, Siemens, Swiss Re


Author: Nigel Thomas
ticker.com
Last Update: 10:08 AM ET November 07 2013

4:25 PM Frankfurt – Credit Agricole group net swung to profit €1.4 billion. Deutsche Telekom net swung to a profit to €588 million. Siemens net declined 10% to €1.1 billion. Societe Generale net soared six-fold to €534 million. Swiss Re profit declined 51%. Transocean secured contract in Singapore.

In London trading, FTSE 100 index increased 0.2% or 15.64 to 6,758 and in Frankfurt the DAX index jumped 1.5% or 131.34 to 9,172.

In Paris, CAC 40 index gained 1.3% or 55.63 to 4,343.

Credit Agricole SA soared 4.7% to €9.22 after the France-based banking and insurance service provider reported group revenue in the third-quarter ending in September climbed 11.5% to €7.66 billion from a year ago.

Net in group for the quarter swung to a profit €1.43 billion compared to a loss of €2.21 billion a year earlier.

Revenue from the Crιdit Agricole S.A. in the quarter surged 21.6% to €3.97 billion from a year ago period.

Net in the quarter swung to a profit €728 million compared to a loss of €2.85 billion a year earlier.

Deutsche Telekom AG fell 0.8% to €11.51 after the Germany-based telecommunications company reported revenue in the in the third-quarter ending in September jumped 6% to €15.5 billion from €14.7 billion a year ago.

Net in the quarter swung to a profit to €588 million compared to a loss of €7.02 billion a year earlier.

The company said adjusted EBITDA slipped 2.6% to €4.7 billion.

Siemens AG climbed 3.4% to €96.19 after the Germany-based engineering company reported revenue in the fourth-quarter ending in September slid 1% to €21.2 billion from €21.4 billion a year ago.

Net income in the quarter declined 10% to €1.07 billion compared to €1.19 billion and diluted earnings per share dropped to €1.18 from €1.29 a year earlier.

The company said revenue for the year dropped 2% to €75.88 billion. Net profit for the year jumped 3% to €4.41 billion compared to €4.28 billion.

Siemens added total profit plummeted 20% to €5.79 billion from €7.27 billion a year ago. Orders for fiscal 2013 climbed 8% to €82.35 billion.

Societe Generale SA jumped 2.9% to €41.77 after the France-based banking group reported net revenue in the third-quarter ending in September jumped 6.1% to €5.73 billion from €5.40 billion a year ago.

Net income in the quarter soared six-fold to €534 million compared to €90 million a year earlier. The bank added revenues in the quarter from securities services and brokerage declined 9.7%.

The bank said they are in talks to acquire the additional 50% stake which bring its shareholding to 100% in derivatives broker of Newedge group and the bank may sell 5% stake in Amundi group to Credit Agricole SA for €337.5 million.

Swiss Re AG gained 2.4% to 81.80 francs after the Switzerland-based reinsurer said group premiums earned in the third-quarter ending in the September climbed 13.5% to $7.47 billion from $6.58 billion a year earlier.

Net income in the quarter plummeted 50.9% to $1.07 billion compared to $2.18 billion and diluted earnings per share dropped to $1.18 from $1.29 a year earlier

The reinsurer added life and health segment posted sharp decline in profit to $12 million from $187 million a year earlier.

Transocean Ltd surged 5.4% to 46.59 francs after the Switzerland-based offshore drilling contractor said its subsidiary secured construction contracts from Keppel FELS Limited''s shipyard in Singapore for the construction of five jackup drilling rigs valued not to exceed $1.2 billion.

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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