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Market Update

Europe Earnings: Logitech Swings to Profit, LSE Revenues Rise 11%

Author: Nigel Thomas
Last Update: 11:44 AM ET January 23 2014

3:40 PM Frankfurt easyJet said revenue in the first-half per seat grew 3.4%. Logitech net swung to a profit. London Stock Exchange total income surged 48% to 309 million. Pearson expects operating profit for 2013 of about 865 million.

In London trading, FTSE 100 index slipped 0.6% or 42.37 to 6,784.96 and in Frankfurt the DAX index dropped 0.9% or 84.74 to 9,635.37.

In Paris, CAC 40 index slumped 0.9% or 37.33 to 4,287.65.

easyJet Plc declined 3.4% to 1,684 pence after the U.K.-based budget airline said revenue in the first-half per seat grew 3.4% to 55.71. Seats flown grew 4.1% to 16.1 million in the quarter ending in December and the load factor rose 0.1 percentage points to 88.7%.

easyJet expects pre-tax loss in the first-half between 70 million and 90 million

Logitech International SA surged 13.5% to 13.85 francs after the Switzerland-based computer hardware and software products maker said total sales in the third-quarter grew 2% to $627.9 million.

Net in the quarter swung to a profit $48.5 million compared to a loss of $195.3 million and diluted earnings per share swung to 30 cents from a loss of $1.24 a year ago.

Logitech lifted its full-year outlook and now expects sales below $2.1 billion and non-GAAP operating income in the range of $120 million to $125 million a year earlier.

London Stock Exchange Group Plc gained 1.1% to 1,875 pence after the U.K.-based trading platform provider reported revenue in the third-quarter ending in December jumped 13% and total income surged 48% to 308.9 million.

Capital Markets revenues in the quarter soared 21% and post-trade services revenues climbed 14%. Information services revenues jumped 16%.

Pearson Plc plunged 7.8% to 1,197 pence after the U.K.-based publishing company expects operating profit for 2013 of about 865 million before restructuring charges and net restructuring costs are estimated at 130 million.

The media company added it will spend about 170 million in additional restructuring activity and lowered its estimated savings of 40 million from earlier forecast of 50 million.

SSE Plc fell 0.2% to 1,314.64 pence after the U.K.-based electricity service provider estimated an increase between 2% and 4% in adjusted earnings per share.

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