Europe Earnings: Adidas, Carillion, Legal & General, Standard Chartered, Soco

Nigel Thomas
05 Mar, 2014
New York City

Adidas net surged 49% to

[R]4:00 PM Frankfurt – Adidas net surged 49% to €787 million. Carillion profit tumbled 32.9% to £110.6 million and won two contracts worth £520 million. Legal & General profit climbed 10% to £1.1 billion. Standard Chartered profit dropped 7% to $7 billion. Soco Intl net dropped 50%.[/R]

In London trading, FTSE 100 index slipped 0.5% or 32.18 to 6,791.59 and in Frankfurt the DAX index slid 0.1% or 15.07 to 9,574.08.

In Paris, CAC 40 index rose 0.1% or 3.55 to 4,399.45.

Adidas AG dropped 1.9% to €81.76 after the Germany-based sports footwear, apparel and accessories maker reported sales in the fourth-quarter ending in December climbed 3% to €14.5 billion from €14.9 billion a year ago.

Net income in the quarter surged 49% to €787 million compared to €526 million and diluted earnings per share jumped to €3.76 from €2.52 a year earlier.

The company added Adidas and Reebok brand sales increased 10% and 9% respectively and comparable retail store sales increased 3%.

Adidas forecasted net income in the first-quarter to be between €830 million and €930 million and operating profit increase of 8.5% to 9%.

Carillion Plc gained 1.7% to 384.60 pence after the U.K.-based construction service provider won a £150 million contract from the Middle East and Canada-based Bouchier Carillion was selected as the preferred bidder for support services contracts valued £370 million.

The company said total revenue in the year plunged 6.8% to £4.1 billion from £4.4 billion and pre-tax profit tumbled 32.9% to £110.6 million from £164.8 million a year earlier. The company received additional orders worth £4.9 billion in the year.

Legal & General Plc slipped 1.9% to 235.90 pence after the U.K.-based investment company said total revenue in the year ending in December soared 12% to £39.3 billion a year earlier.

Profits in the year climbed 10% to £1.13 billion compared to £1.03 billion a year ago.

Standard Chartered Plc declined 1.9% to 1,250 pence after the U.K.-based retail and commercial bank reported total revenue slid 1% to $18.67 billion from $18.78 billion a year ago.

Net profit dropped 7% £6.96 billion compared to £7.12 billion a year earlier and the bank blamed the decline in net partly on the impairment charges incurred in its South Korean business.

SOCO International Plc tumbled 12.3% to 407.50 pence after the U.K.-based oil and gas explorer reported revenue in the year ending in December slipped 12% to $608.1 million from $621.6 million a year ago period.

Profit in the year plummeted 49.7% to $104.1 million compared to $207 million and diluted earnings per share declined to 31.6 cents from 62.6 cents a year earlier.