Europe Earnings: Aveva, BG Group, Ericsson, Ziggo

Nigel Thomas
27 Jan, 2014
New York City

Aveva estimated strong third quarter results. BG Group plunged 15% after it lowered estimated production and profit outlook. Ericsson and Samsung settled global patent disputes. Liberty Global agreed to acquire remaining stake in Ziggo for

[R]3:40 PM Frankfurt – Aveva estimated strong third quarter results. BG Group plunged 15% after it lowered estimated production and profit outlook. Ericsson and Samsung settled global patent disputes. Liberty Global agreed to acquire remaining stake in Ziggo for €10 billion.[/R]

In London trading, FTSE 100 index declined 1.3% or 84.60 to 6,579.14 and in Frankfurt the DAX index edged up 0.1% or 5.45 to 9,397.47.

In Paris, CAC 40 index gained 0.2% or 7.49 to 4,168.96.

Aveva Group Plc rose 0.1% to 2,211 pence after the U.K.-based software services provider said in a statement that the group continued to perform well during the period and continued to see “solid cash generation in the third quarter.”

BG Group Plc plunged 15.1% to Rs 1,065.09 pence after the U.K.-based oil and gas producer lowered estimated production and profit estimate for this year and for 2015, and issued Force Majeure notices under its LNG agreements in Egypt.

The company said it expected production for the year between 590,000 barrels per day and 630,000 barrels per day, lower than the 2013.

Ericsson gained 1.9% to 76.45 kronor after the Sweden-based telecom services provider and South Korean conglomerate Samsung Electronics Co. Ltd. settled their patent dispute and signed a global patent licenses agreement.

The company said the deal will increase fourth-quarter sales to 4.2 billion kronor and net income to grow 3.3 billion kronor.

Ziggo NV declined 3.9% to €31.94 after the Netherlands-based broadband services provider said the U.S.-based cable group Liberty Global Plc agreed to acquire the remaining stake in the company in cash worth €10 billion or about $13.7 billion.