Europe Earnings: Eni Profit Soars; Fiat and Volkswagen Net Plunge

Nigel Thomas
30 Oct, 2013
New York City

Eni profit surged 62% but revenue declined 7%. Fiat net plunged 7% and lowered fiscal outlook. Chrysler quarterly loss narrowed. Next brand sales in the quarter climbed 4%. Standard Life declined after net inflows plunged 54%. Volkswagen profit tumbled 84% to

[R]4:25 PM Frankfurt – Eni profit surged 62% but revenue declined 7%. Fiat net plunged 7% and lowered fiscal outlook. Chrysler quarterly loss narrowed. Next brand sales in the quarter climbed 4%. Standard Life declined after net inflows plunged 54%. Volkswagen profit tumbled 84% to €1.9 billion.[/R]

In London trading, FTSE 100 index rose 0.1% or 9.90 to 6,785 and in Frankfurt the DAX index slid 0.1% or 4.39 to 9,018.

In Paris, CAC 40 index fell 0.1% or 5.58 to 4,273.

Eni SpA jumped 2.4% to €18.55 after Italy-based oil and gas explorer reported net sales in the third-quarter ending in September declined 6.6% to €29.4 billion from €31.5 billion a year earlier.

Net profit in the quarter surged 61.9% to €3.99 billion compared to €2.49 billion and earnings per share dropped to €0.32 from €0.49 a year ago.

Fiat SpA declined 4.9% to €5.55 after Italy-based automobile company reported net revenue rose 0.8% to €42.08 billion from €41.75 billion a year earlier.

Net profit in the quarter plunged 7% to €466 million compared to €501 million and earnings per share were nearly flat at 5 euro cents from a year ago.

Fiat lowered its trading profit outlook for the year between €3.5 billion and €3.8 billion from earlier range of €4 billion to €4.5 billion.

Chrysler Group LLC said revenue for the quarter edged up 0.3% to €17.96 billion compared to €17.92 billion and net loss for the quarter narrowed to €482 million compared to €524 million a year earlier.

Next Plc surged 5.1% to 5,470 pence after the U.K.-based retailer lifted its pre-tax profit forecast for the year between 4.6% and 9.4% to £650 million and £680 million and earnings per share to 15% to 21% increase. Brand sales growth is estimated in the range of 2% to 3.75%.

The retailer added Next Brand sales in the third quarter climbed 4.3% and Next directory segment sales soared 10.7%.

Pearson Plc dropped 2.3% to 1,333 pence after the U.K.-based media and education group said sales in the nine-month period increased 4% and underlying sales rose 2%. Pearson said adjusted operating profit for 2013 is expected to be lower than the 2012.

Standard Life Plc declined 3.5% to 356.20 pence after the U.K.-based investment company said sales in the third-quarter climbed 18% to £5.1 billion from £4.3 billion a year ago.

The company added asset-management business received net inflows in the quarter ending in September plunged 53.8% to £1.2 billion compared to £2.6 billion a year ago period.

Total asset under management increased to £179.6 billion compared to £167.7 billion and Third party asset under management increased 13% to £11.2 billion.

Volkswagen AG climbed 4.6% to €175.50 after the Germany-based automobile manufacturer reported revenue in the third-quarter ending in September dropped 3.8% to €46.98 billion from €48.85 billion a year ago.

Profit for the quarter tumbled 83.5% to €1.86 billion compared to €11.3 billion and diluted earnings per share plunged to €3.79 from €24.21 a year earlier.