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Market Update

RBS Profit Soar on Cost Control, UBS Net Jumps 32%


Author: Sarla Buch
ticker.com
Last Update: 1:46 PM EDT October 27 2017

4:00 PM Frankfurt – Kuka revenues soared on strong demand in China. Linde profit declined on weak revenues. RBS reported third consecutive quarterly profit after cost-cutting. Safran beats revenue growth expectations. Total SA net soared 40%. UBS profit surged 32%.

In London trading, FTSE 100 index increased 14.67 or 0.2% to 7,501.17 and in Frankfurt the DAX index advanced 79.74 or 0.6% to 13,212.38.

In Paris, CAC 40 index jumped 36.03 or 0.7% to 5,491.42.

For the week, FTSE 100 index fell 0.2%, the DAX index jumped 1.7% and the CAC 40 index soared 2.3%.

Kuka AG tumbled 18.5% to €164 after Germany-based robotics and automation solutions provider said revenues in the nine-month ending in September soared 27.1% from a year ago to €2.6 billion.

Net income in the period rose 0.6% to €79.4 million from €78.9 million in a year ago nine-month period and diluted earnings per share edged down to €2 from €2.01.

The robotics and automation solutions provider said as of September 30, order received jumped 5.8% to €2.8 billion and order backlog increased 1% to €2.2 billion.

Kuka reaffirmed fiscal 2017 revenues to jump 12% or about €3.3 billion and operating margin to grow to more than 5.5% from a year ago.

Separately, today Kuka secured three major new systems contracts for about $75 million from the U.S.-based leading manufacturer of vehicles comprising engineering and construction of systems to build vehicles body structures in the U.S. and Mexico.

Separately, Kuka said today it invested in the Munich-based Device Insight GmbH, the maker of Internet enabled devices, without disclosing investment amount.

Linde AG jumped 3% to €189.05 after Germany-based industrial gases producer and supplier reported revenues in the nine-month ending in September increased 2.7% from a year ago to €12.9 billion.

Net income in the period declined 6.9% to €879 million from €945 million in a year ago nine-month period and diluted earnings per share advanced to €4.63 from €5.

Linde reaffirmed full-year revenues estimate in the engineering division between €2 billion and €2.4 billion and operating margin of about 8%.

Royal Bank of Scotland Group Plc increased 1.9% to 286.50 pence after the U.K.-based banking and financial services provider reported total interest income in the nine-month ending in September jumped 7.4% from a year ago to £10.1 billion.

Net in the period swung to profit £1.3 billion from a loss of £2.5 billion in a year ago nine-month period and diluted earnings per share swung to 11.2 pence from diluted loss per share of 21.5 pence.

The bank warned that it will not return to full-year profit up to 2018 after hefty fine in the U.S. for selling of subprime mortgages that may be £6 billion.

“We remain optimistic of reaching a final settlement this financial year … we almost got ourselves through legacy cleanup,” said chief executive officer Ross McEwan.

Safran SA gained 1.9% to €91.57 after France-based aircraft and rocket engines and propulsion systems provider said revenues in the nine-month ending in September advanced 3% from a year ago to €11.9 billion.

Safran lifted fiscal 2017 revenues forecast of about 3% from the earlier estimate of 2% to 3% but operating income may near to fiscal 2016 level.

Total SA advanced 1.6% to €47.33 after the France-based oil and gas producer reported revenues in the nine-month ending in September surged 15.1% from a year ago to $43 billion.

Net income in the period soared 39.5% to $2.7 billion from $1.9 billion in a year ago nine-month period and diluted earnings per share jumped to $1.06 from 79 cents

UBS AG, the Switzerland-based financial advisor said revenues in the revenues in the nine-month ending in September advanced 3.2% from a year ago to 22.9 billion Swiss francs.

Net income in the period surged 31.9% to 3.4 billion francs from 2.6 billion francs in a year ago nine-month period and diluted earnings per share increased to 0.88 francs from 0.67 francs.

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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