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Market Update

Gerresheimer Exceed Expectations, Suedzucker Drops on Weaker Outlook


Author: Sarla Buch
ticker.com
Last Update: 12:31 PM EDT July 12 2018

4:00 PM Frankfurt Aker Solutions profit surged and the oil services provider offered a positive outlook. DNB, the Norway based bank said net soared. Gerresheimer surged on better-than-expected results. Suedzucker declined after operating profit plunged 49%.

In Lonon trading, FTSE 100 index jumped 63.54 or 0.8% to 7,655.50 and in Frankfurt the DAX index increased 61.68 or 0.5% to 12,478.03.

In Paris, CAC 40 index advanced 46.60 or 0.9% to 5,400.72.

Aker Solutions ASA jumped 4.5% to $7 after Norway-based oil services provider reported revenues in the first-half ending in June soared 10.8% from a year ago to 11.7 billion kronor.

Net income in the period surged to 222 million kronor from 95 million kronor in the same period a year ago and diluted earnings per share jumped to 0.78 kronor from 0.57 kronor.

The oilfield services provider forecasted fiscal 2018 revenue growth of 10% driven by strong orders in the first-half and continued high tendering activity.

DNB ASA declined 3.8% to $19.37 after Norway-based banking and financial services provider said net interest income in the first-half ending in June rose 2.8% from a year ago to 18.1 billion kronor.

Net income in the period soared 19.4% to 11.7 billion kronor from 9.8 billion kronor in the same period a year ago and diluted earnings per share advanced to 7.01 kronor from 5.71 kronor.

The bank said profit improvement in the period was driven by lower operating expenses, lower impairment losses and positive transactions and an acquisition.

Gerresheimer AG surged 8.6% to 76.20 after Germany-based packaging products maker stated revenues in the first-half ending in May dropped 3% from a year ago to 623 million.

Net profit in the period jumped 78.4% to 68.5 million from 38.4 million in a year ago period and diluted earnings per share increased to 2.15 from 1.19.

Suedzucker AG slumped 4.4% to 12.02 after Germany-based sugar producer said revenues in the first-quarter ending in May fell 2.2% from a year ago to 1.74 billion and operating profit plunged 49% to 78 million from 153 million in the same period a year ago.

The sugar producer reaffirmed fiscal 2018 revenues forecast between 6.8 billion and 7.1 billion.

Suedzucker lowered fiscal 2018 CropEnergies revenues forecast in the range of 730 million to 780 million from the earlier estimate of 760 million to 820 million.

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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