Europe Movers: Barclays, Daimler, Fenner, Glaxo, Volkswagen

Nigel Thomas
24 Apr, 2013
New York City

Barclays underlying first-quarter profit swung to

[R]3:00 PM Frankfurt – Barclays underlying first-quarter profit swung to £1.54 billion. Daimler first quarter profit tumbled 60%. DS Smith expects full year revenue to grow to £3.7 billion. Glaxo Profits for the quarter dropped 25%. Volkswagen Profit after-tax plunged 38%.[/R]

In London trading, FTSE 100 index rose 0.4% or 24.9 to 6,431 and in Frankfurt the DAX index climbed 1.1% or 81.1 to 7,739.

In Paris, CAC 40 index jumped 1.1% or 43.1 to 3,826.

Barclays Plc slipped 1.7% to 293.15 pence after the UK based financial services provider reported net income of insurance claimed in the first quarter ending in March surged 36% to £7.48 billion. Underlying profits for the quarter swung to £1.54 billion compared to loss of £525 million. Basic earnings per share swung to 6.7 pence from loss of 4.9 pence.

Adjusted pre-tax profits for the quarter declined 25% to £1.79 billion and impairment charges for the group dropped 10% to £706 million. The bank revealed after rising bad debts in the UK and Europe.

“The bank makes good early progress with its overhaul and expects more £500 million of costs this year from the turnaround.” said by Antony P. Jenkins group chief executive officer.

Daimler AG slipped 1.4% to €40.35 after the Germany based automobile company reported group revenue for the first quarter fell 3.3% to €26.1 billion. Net profit tumbled 60.4% to €564 million and earnings per share amounted to €0.50 from €1.26 a year ago period.

Operating profit plunged 56% to €917 million.

DS Smith Plc surged 7.1% to 231.10 pence after the UK based recycled packaging supplier expects full year revenue to grow £3.7 billion and operating profit fully in line with expectations and earnings per share towards the higher end of expectations.

GlaxoSmithKline Plc rose 0.5% to 1,687 pence after the UK based healthcare company reported sales in the first quarter ending in March slid 2% to £6.47 billion. Profits for the quarter dropped 24.8% to £1.03 billion compared to £1.37 billion. Diluted earnings per share slumped to 19.6 pence from 26 pence.

The healthcare company added pharmaceuticals and vaccines sales in the US and European region declined 6% and 3% respectively.

Fenner Plc surged 6.5% to 862.71 pence after the UK based polymer products maker said revenues in the first-half period ended in February dropped 5% to £391.3 million. Profit for the period declined 35.8% to £19.4 million compared to £30.2 million and diluted earnings per share slump 8.8 pence from 14.7 pence.

The company said revenue in the ECS division slumped 9.9% to £265.7 million and revenue in the AEP division jumped 7.3% to £125.6 million from a year ago. Underlying operating profit plunged 22.2% to £43.3 million compared to a year earlier.

Volkswagen AG gained 1.6% to €143.25 after the Germany based automobile company reported revenue in the first quarter fell 1.5% to €46.6 billion. Profit after tax plunged 38.2% to €1.95 billion compared to €3.15 billion.

The company expects sales revenue for the year to exceed the prior-year figure and operating profit is to match the prior-year level.