Market Updates
Europe Movers: Vinci, Virgin, Volvo
Barry Randall
06 Feb, 2013
New York City
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Banks across the region were under pressure ahead of the European Central Bank meeting tomorrow. Vinci SA declined 4% after it reported weaker than expected 2012 results and guided flat sales in the current year. Volvo AB gained on improving outlook in the U.S. and Europe.
Banks across the currency zone were under pressure.
Intesa Sanpaolo declined 2.5%, Commerzbank fell 1.4% and UniCredit decreased 2.4%.
Vinci SA reported revenues in 2012 increased 4.5% to €38.6 billion and net income rose 0.7% to €1.9 billion. Earnings per share increased to €3.54, an increase of 1.6% from a year ago.
The construction company also said order backlog increased 2% to €31.3 billion and guided flat revenues in 2013 before ANA and other possible acquisitions in the year.
Virgin Media slipped 0.7% to 2,870 pence after surging 16% in yesterday’s session and today reported 2012 operating income from continuing operations of 261.4 million pounds.
Volvo AB rose as much as 4% after the company reported weak fourth quarter net income and guided improving markets in the U.S. and Europe.
In the fourth quarter, sales declined 17% to SEK71.8 billion and operating income fell to SEK1.12 billion. For the full-year 2012, sales were SEK303.6 billion and operating income of SEK17.6 billion. The board declared dividend of SEK3.00 a share.
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