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Market Update

HSBC Ramps Up Share Buy Back, Sanofi Lifts Earnings Outlook


Author: Sarla Buch
ticker.com
Last Update: 11:29 AM ET July 31 2017

4:00 PM Frankfurt – bet-at-home.com profit doubled on 18% jump in revenues. Coats Group raised dividend after increase in earnings. HSBC beats profit estimate and announced third share buyback in a year. Sanofi lifted earnings outlook.

In London trading, FTSE 100 index gained 36.60 or 0.5% to 7,405.21 and in Frankfurt the DAX index decreased 21.66 or 0.2% to 12,139.74.

In Paris, CAC 40 index slid 7.73 or 0.2% to 5,124.26.

bet-at-home.com AG jumped 5.2% to €109.40 after Germany-based online sports betting and gaming services provider stated revenues in the first-half ending in June surged 17.5% from a year ago to €76.8 million and operating profit nearly doubled to €17.4 million.

The online betting services provider forecasted fiscal 2017 gross betting and gaming revenue to increase to €144 million and operating profit between €34 million and €38 million.

Coats Group Plc slipped 1.7% to 77.68 pence after the U.K.-based industrial threads manufacturer said revenues in the first-half ending in June advanced 4% from a year ago to $740 million.

Net profit in the period surged 53.6% to $40.4 million from $26.3 million in a year ago six-month period and diluted earnings per share increased to 2.83 pence from 1.90 pence.

HSBC Holdings Plc gained 1.7% to 758.10 pence after the U.K.-based banking and financial services provider reported net interest income in the first-quarter ending in June plunged 12.7% from a year ago to $13.8 billion.

Net profit in the quarter jumped 10% to $7 billion from $6.4 billion in a year ago quarter and diluted earnings per share rose to 35 cents from 32 cents.

The lender plans to launch share buyback of up to $2 billion. In April, the bank completed previously announced share buyback of $1 billion, total share buyback since the second-half of 2016 comes to $5.5 billion.

""In the past 12 months, we have paid more in dividends than any other European or American bank and returned $3.5 billion to shareholders through share buybacks,"" said chief executive officer Stuart Gulliver.

Rexel SA gained 0.4% to €13.69 after France-based electrical parts distributor said sales in the first-half ending in June jumped 2.4% from a year ago to €6.7 billion.

Net income in the period rose 0.7% to €96.4 million from €95.8 million in a year ago six-month period and diluted earnings per share were flat at €0.32 from a year ago period.

Rexel said operating profit in the period soared 11.9% to €292 million from a year ago period after sales in Europe rose 2.4% and North America increased 1.6% but sales in Asia Pacific fell 1.6%.

As of June 30, net debt dropped 3.1% to €2.3 billion.

Sanofi SA increased 0.9% to €82.30 after France-based healthcare products maker reported net sales in the first-half ending in June soared 8.7% from a year ago to €17.3 billion.

Net income in the period surged to €6.7 billion from €2.2 billion in a year ago six-month period and diluted earnings per share advanced to €5.35 from €1.74.

Sanofi said income increase in the period was driven by acquisition of BI’s CHC business and full consolidation of Sanofi’s European vaccine operations and net gain of €4.4 billion from the divestment of the Animal Health business.

Sanofi booked charges of €990 million related to acquisitions of companies and estimated gross margin ratio in 2017 between 70% and 71%.

The healthcare products maker lifted earnings per share forecast in 2017 of ""broadly stable"" compared to the previous forecast of earnings per share between stable and decline up to 3%.

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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