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Market Update

Fresnillo Participates in Commodities Rally, Go-Ahead Plunges


Author: Sarla Buch
ticker.com
Last Update: 2:10 AM ET February 28 2017

4:00 PM Frankfurt – Fresnillo net and revenues surged after production soared. Go-Ahead lowered profit outlook on repeated strike at Southern railways. Moneysupermarket said margins dropped. Meggitt plans to close some of its manufacturing sites. Thales said net new orders declined.

In London trading, FTSE 100 index edged up 1.79 to 7,254.57 and in Frankfurt the DAX index slipped 31.68 or 0.3% to 11,791.33.

In Paris, CAC 40 index fell 3.86 to 4,840.91.

For the month, FTSE 100 index increased 0.9%, the DAX index jumped 2.2% and the CAC 40 index closed nearly flat.

Fresnillo Plc slipped 1.3% to 1,467 pence after the Mexico-focused silver and gold miner stated revenues in the year ending in December soared 32.6% from a year ago to $1.9 billion.

Net income in the year surged 512.4% from a year ago to $425 million from $69.4 million and diluted earnings per share increased to 45 cents from 7 cents.

The silver and gold producer said full year net profit increased mainly due to higher production volumes. Gross profit jumped 104.2% and operating profit advanced 88.5%.

GKN Plc jumped 5.5% to 361.90 pence after the U.K.-based engineering equipment maker said sales in the year ending in December jumped 22% from a year ago to £9.4 billion.

Net income in the year soared 20.8% from a year ago to £244 million from £202 million and diluted earnings per share increased to 14 pence from 11.7 pence.

GKN said results were supported by better than expected Fokker Technologies performance in its first full-year of ownership with £769 million in sales and 8.6% in margin and £66 million of profit.

Go-Ahead Group Plc plunged 13.9% to 1,968.08 pence after the U.K.-based public transport provider reported revenues in the first-half ending in December rose 3% from a year ago to £1.7 billion.

Net income in the period declined 11.1% from a year ago to £56.2 million from £63.2 million and diluted earnings per share fell to 106.9 pence from 113.4 pence.

The transport services provider lowered full-year profit forecast of its regional bus division by £15 million due to weak passenger volume in the north east region and Oxford area.

“Both of our bus divisions and two of our three rail businesses performed well, but there are clearly ongoing uncertainty at GTR which we are working hard to resolve,” said chief executive officer David Brown.

Moneysupermarket.Com Group Plc declined 5.9% to 330.28 pence after the U.K.-based credit cards services provider said revenues in the year ending in December soared 12% from a year ago to £316.4 million.

Net income in the period jumped 15.9% from a year ago to £73.5 million from £63.4 million and diluted earnings per share rose to 13.4 pence from 11.6 pence.

MoneySupermarket said revenues in the first two months in insurance, credit cards and loans segments were strong but gross margins declined to 75% from 80%.

Online services provider launched share buyback program in the current year up to £40 million and said dividend for 2016 will be 9.85 pence, 8% higher than the 9.15 pence in 2015.

Meggitt Plc surged 14.2% to 475.20 pence after the U.K.-based aircraft braking systems maker reported revenues in the year ending in December soared 21% from a year ago to £2 billion.

Net income in the period slumped 6% from a year ago to £171.2 million from £182.1 million and diluted earnings per share slid to 21.8 pence from 22.9 pence.

The aerospace and defense products maker plans to close some of its manufacturing sites and chief executive officer Stephen Young said that the company is looking at the U.S. division to eliminate inefficiencies.

Salzgitter AG fell 2.3% to €34.52 after Germany-based steel and steel products producer stated sales in the year ending in December declined 8.2% from a year ago to €7.9 billion.

Net in the year swung to profit of €56.8 million from a loss of €56 million and diluted earnings per share swung to €1 from diluted loss per share of €1.08.

In the fiscal 2017, the steelmaker forecasted sales of about €9 billion and pre-tax profit of between €100 million and €150 million.

Thales SA jumped 2.1% to €91.61 after France-based defense electronics products maker said sales in the year ending in December soared 6.8% from a year ago to €14.9 billion.

Net income in the year surged 24% from a year ago to €946 million from €765 million and earnings per share increased to €4.25 from €3.89.

Thales said as of December 2016, total order book increased to €33.53 billion, representing almost 2.3 years of sales. The management also said business visibility has improved for the next few years.

However, new orders in 2016 declined 13% from the record high in 2015 to €16.51 billion.

The defense electronics products maker estimated fiscal 2017 operating profit in the range of €1.48 billion to €1.50 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