S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Nestle Reveals Profit Estimate and Accelerate Share buybacks


Author: Sarla Buch
ticker.com
Last Update: 12:13 PM EDT September 26 2017

4:00 PM Frankfurt AA profit surged 46% but lowered fiscal profit forecast. A.G. Barr net slumped 6% but revenues jumped 9%. Close Brothers declined on weak profit. Carnival net declined and lowered earnings outlook. Nestle reveals profit target and accelerate $20.65 billion in share buybacks.

In London trading, FTSE 100 index edged down 0.69 to 7,600.60 and in Frankfurt the DAX index gained 26.57 or 0.2% to 12,620.97.
In Paris, CAC 40 index edged up 2.22 to 5,269.34.

AA Plc declined 4.4% to 161.30 pence after the U.K.-based roadside assistance service provider said revenues in the first-half ending in July rose 1% from a year ago to 471 million.
Net profit in the period surged 45.5% to 64 million from 44 million in a year ago six-month period and diluted earnings per share increased to 10.5 pence from 6.2 pence.

AA said delay in systems up gradation lead to additional capital expenditure of about 35 million.

The roadside assistance service provider lowered fiscal 2017 operating profit forecast between 390 million and 395 million from a year ago period.

A.G. Barr Plc gained 0.6% to 617 pence after the U.K.-based soft drinks maker stated revenues in the first-half ending on July 29 jumped 8.8% from a year ago to 136.6 million.
Net profit in the period slumped 6% to 15.6 million from 16.6 million in a year ago six-month period and diluted earnings per share gained to 11.73 pence from 11.40 pence.

Close Brothers Group Plc plunged 6.2% to 1,428 pence after the U.K.-based merchant banking and securities trading services provider said interest income in the year ending in July soared 9.2% from a year ago to 461.6 million.
Net profit in the period rose 2.5% to 191.2 million from 186.5 million in a year ago period and diluted earnings per share rose to 127.5 pence from 124.3 pence.

The lender said increase in profit was driven by property finance with operating profit growth of 24% and loan book grew by 7% to 6.9 billion.

Carnival Plc advanced 3% to 4,881 pence after the U.K.-based leisure and travel service provider reported revenues in the third-quarter ending in August jumped 7.8% from a year ago to $5.5 billion.
Net profit in the period declined 7.1% to $1.3 billion from $1.4 billion in a year ago six-month period and diluted earnings per share dropped to $1.83 from $1.93.

The travel service provider estimated fiscal fourth-quarter revenues in the range of 1.5% to 2.5% and lowered earnings per share forecast between 44 cents and 50 cents from the 67 cents in the same period a year ago.

Nestle SA increased 1.9% to 82.70 Swiss francs after Switzerland-based consumer goods maker confirmed that it will achieve mid-single digit organic growth by 2020 and operating profit margin between 17.5% and 18.5% growth of 16% estimated in a year ago period.

Today the consumer goods maker said it will accelerate its share buyback plan as previously-announced for worth about 20 billion francs or $20.65 billion in next three years.

""Nestle has a strong foundation, a clear path forward and a bright future. We have a proven track record delivering sustainable, industry-leading performance, said chief executive officer Mark Schneider.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc