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Market Update

Europe Earnings: Linde Net Climbs 10%, Veolia Net Surges 32%

Author: Nigel Thomas
Last Update: 10:26 AM ET May 06 2013

3:00 PM Frankfurt Direct Line Insurance profit after tax in the first quarter climbed 19.5% and Linde first quarter profit surged 10% to 340 million. Veolia operating income for the quarter surged 32% to 544 million.

In London trading, FTSE 100 index observed holiday today and in Frankfurt the DAX index slid 1% or 6.8 to 8,129.

In Paris, CAC 40 index fell 0.2% or 7.91 to 3,904.49.

Direct Line Insurance Group plc slumped 1.5% to 200.68 pence after the UK based retail insurer said gross written premium in the first quarter ending in March dropped 4.8% to 1 billion and profit after tax for the quarter climbed 19.5% 71.6 million compared to 59.9 million and diluted earnings per share advanced 5 pence from 4 pence a year ago.

The company said operating profit for the quarter from ongoing operations 32.9% to 107.5 million.

Linde AG climbed 3.6% to 147.90 after the Germany based industrial gas maker reported group revenue in the first quarter ending in March soared 10.3% to 3.99 billion. Profit for the quarter of surged 10% to 340 million compared to 309 million. Earnings per share jumped 1.72 from 1.65.

Linde said revenue from gases division climbed 14.8% to 3.448 billion.

Veolia Environnement SA slipped 1.1% to 10.50 after the France based environmental management service provider reported revenue in the first quarter ending March dropped 3.9% to 5.76 billion. Operating income for the quarter surged 32.2% to 544 million compared to 411.6 million.

Outside France, revenue generated for the quarter was 2.68 billion or 46.5% of total revenue.

The company added adjusted operating income for the quarter dropped 1.5% to 405 million and Net financial debt declined to 10.1 billion at March 31. Water revenue declined 3.8% and environmental services revenue declined 4.6% and energy services revenue rose 0.4%

Veolia, expects for the fiscal year 2015, the group increase net cost reduction objective to 750 million.

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