Europe Earnings: Logitech Swings to Profit, LSE Revenues Rise 11%

Nigel Thomas
23 Jan, 2014
New York City

easyJet said revenue in the first-half per seat grew 3.4%. Logitech net swung to a profit. London Stock Exchange total income surged 48% to

[R]3:40 PM Frankfurt – easyJet said revenue in the first-half per seat grew 3.4%. Logitech net swung to a profit. London Stock Exchange total income surged 48% to £309 million. Pearson expects operating profit for 2013 of about £865 million.[/R]

In London trading, FTSE 100 index slipped 0.6% or 42.37 to 6,784.96 and in Frankfurt the DAX index dropped 0.9% or 84.74 to 9,635.37.

In Paris, CAC 40 index slumped 0.9% or 37.33 to 4,287.65.

easyJet Plc declined 3.4% to 1,684 pence after the U.K.-based budget airline said revenue in the first-half per seat grew 3.4% to £55.71. Seats flown grew 4.1% to 16.1 million in the quarter ending in December and the load factor rose 0.1 percentage points to 88.7%.

easyJet expects pre-tax loss in the first-half between £70 million and £90 million

Logitech International SA surged 13.5% to 13.85 francs after the Switzerland-based computer hardware and software products maker said total sales in the third-quarter grew 2% to $627.9 million.

Net in the quarter swung to a profit $48.5 million compared to a loss of $195.3 million and diluted earnings per share swung to 30 cents from a loss of $1.24 a year ago.

Logitech lifted its full-year outlook and now expects sales below $2.1 billion and non-GAAP operating income in the range of $120 million to $125 million a year earlier.

London Stock Exchange Group Plc gained 1.1% to 1,875 pence after the U.K.-based trading platform provider reported revenue in the third-quarter ending in December jumped 13% and total income surged 48% to £308.9 million.

Capital Markets revenues in the quarter soared 21% and post-trade services revenues climbed 14%. Information services revenues jumped 16%.

Pearson Plc plunged 7.8% to 1,197 pence after the U.K.-based publishing company expects operating profit for 2013 of about £865 million before restructuring charges and net restructuring costs are estimated at £130 million.

The media company added it will spend about £170 million in additional restructuring activity and lowered its estimated savings of £40 million from earlier forecast of £50 million.

SSE Plc fell 0.2% to 1,314.64 pence after the U.K.-based electricity service provider estimated an increase between 2% and 4% in adjusted earnings per share.