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Market Update

Legal & General Profit Jumps, Schaeffler Lifts Dividend


Author: Sarla Buch
ticker.com
Last Update: 11:19 AM EST March 07 2018

4:00 PM Frankfurt DS Smith reported higher box volume driven by online sales demand and strong holiday season. Elis profit plunged 28%. Legal & General profit jumped 46% after slower growth in the U.K. life insurance business. Schaeffler net surged 14%.

In London trading, FTSE 100 index rose 17.39 or 0.2% to 7,164.14 and in Frankfurt the DAX index increased 61.11 or 0.5% to 12,174.25.

In Paris, CAC 40 index edged up 4.09 to 5,174.31.

DS Smith Plc increased 1.6% to 513.73 pence after the U.K.-based corrugated packaging manufacturer forecasted sales to increase in the second-half compared to the first-half and for the full-year sales are expected be in-line with previous year sales.

DS Smith reported box sales volume was boosted by demand for online sales and strong holiday sales.

Elis SA slid 0.1% to 21.10 after France-based cleaning and maintenance services provider reported revenues in the year ending in December soared 46.4% from a year ago to 2.2 billion.

Net income in the year plunged 28.2% to 66.8 million from 93 million in a year ago period and diluted earnings per share slumped to 0.41 from 0.81.

Legal & General Group Plc gained 1.1% to 260.70 pence after the U.K.-based investment, insurance and health services provider reported revenues in the year ending in December tumbled 44.9% from a year ago to 40.5 billion.

Net income in the year soared 46.1% to 1.9 billion from 1.3 billion in a year ago period and diluted earnings per share jumped to 31.73 pence from 21.13 pence.

Schaeffler AG fell 0.4% to 13 after Germany-based automobile parts maker said revenues in the year ending in December jumped 5.9% from a year ago to 14 billion.

Net income in the year surged 14% to 980 million from 859 million in a year ago period and diluted earnings per share advanced to 1.48 from 1.30.

The automobile parts maker said group increased its capital expenditures by 127 million to 1.3 billion and lowered net financial debt by 266 million to 2.4 billion and free cash flow in 2017 declined to 488 million from 735 million in a year ago.

Schaeffler announced 2017 dividend to increase to 0.55 per share from 0.50 in previous year.

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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