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Market Update

Daimler Profit Declines 20%; Nokia Loss Narrows, Schneider Lifts Outlook

Author: Sarla Buch
Last Update: 12:10 PM EDT October 25 2018

4:00 PM Frankfurt AB InBev plunged after profit and revenues declined. Daimler profit tumbled 20% on weak revenues. Nokia net loss narrowed but revenues fell too. Schneider lifted revenues forecast.

In London trading, FTSE 100 index increased 17.25 or 0.3% to 6,980.52 and in Frankfurt the DAX index advanced 108.30 or 0.9% to 11,297.37.

In Paris, CAC 40 index jumped 75.94 or 1.5% to 5,028.95.

Anheuser-Busch InBev plunged 10.2% to 64.97 after Belgium-based brewer said revenues in the quarter ending in September decreased 4.5% from a year ago to $13.2 billion.

Diluted earnings per share declined to 82 cents from $1.31.

AB InBev said improved revenue in the premium brands was driven by continued strong premium brand and strong performance by global brands but volumes fell 0.2%, beer volumes increased 0.5% and non-beer volumes dropped 2.4%.

Daimler AG advanced 2.7% to 51.34 after Germany-based automobile maker reported revenues in the nine-month period ending in September slid 0.2% from a year ago to 120.8 billion.

Net income in the period declined 20% to 5.9 billion from 7.4 billion in the same period a year ago and diluted earnings per share slumped to 5.32 from 6.68.

Daimler said unit sales in the quarter dropped 4% to 794,700 vehicles from 824,100 vehicles in a year ago period.

In the period, revenues in Mercedes-Benz passenger cars fell 3% to 67.2 billion but in Daimler trucks business increased 6% to 27.8 billion and in Daimler Financial Services segment soared 5% to 18.6 billion.

Nokia Oyj slid 0.5% to 4.66 after Finland-based telecom services provider said net sales in the nine-month period ending in September declined 5% from a year ago to 15.7 billion.

Net loss in the period narrowed to 752 million from 1.1 billion in the same period a year ago and diluted loss per share fell to 0.13 from 0.19.

Nokia forecasted fiscal 2018 operating margin growth between 6% and 9%.

Schneider Electric SE soared 7.7% to 62.20 after France-based energy management systems provider reported group revenues in the nine-month period ending in September advanced 3.4% from a year ago to 18.7 billion.

Revenues in the energy management segment jumped 2.4% to 14.1 billion and in the industrial automation soared 6.8% to 4.6 billion from a year ago period.

Schneider lifted fiscal 2018 operating profit growth forecast to between 8% and 9% from the earlier estimate of 7% to 8%.

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