Europe Earnings: Deutsche Bank, Electrolux, KPN, Sandvik, WPP

Nigel Thomas
25 Apr, 2014
New York City

Deutsche Bank plans to sell its shares of about

[R]4:00 PM Frankfurt – Deutsche Bank plans to sell its shares of about €5 billion to raise the fund. Electrolux profit climbed 19%. KPN net tumbled 97% to €3 million. Sandvik net rose 1%. WPP said group revenue increased 1% to £2.6 billion.[/R]

In London trading, FTSE 100 index fell 0.4% or 25.42 to 6,677.58 and in Frankfurt the DAX index declined 1.3% or 123.18 to 9,425.50.

In Paris, CAC 40 index slumped 0.7% or 31.99 to 4,447.55.

Deutsche Bank AG dropped 2% to €31.30 after a media report that Germany-based investment bank plans to sell €5 billion of its shares to raise capital.

Electrolux AB climbed 5.6% to 175.40 kronor after the Sweden-based home appliances maker reported net sales in the first-quarter ending in March rose 1.2% to 25.63 billion kronor from 25.33 billion kronor a year ago.

Profit in the quarter climbed 19.4% to 431 million kronor compared to 361 million kronor and diluted earnings per share jumped to 1.50 kronor from 1.26 kronor a year earlier.

Koninklijke KPN NV slipped 1.5% to €2.47 after the communication services provider said revenue in the first-quarter ending in March declined 8.2% to €1.99 billion from €2.18 billion a year ago period.

Net profit in the quarter tumbled €3 million compared to €152 million a year earlier.

The company said earnings before interest, taxes, depreciation and amortization plunged 22% to 624 million euros from a year ago.

Sandvik AB declined 3.1% to 92.35 kronor after the Sweden-based mining and construction equipment maker reported sales in the first-quarter ending in March dropped 4% to 20.78 billion kronor from 22.10 billion kronor a year ago.

Profit in the quarter rose 1% to 1.49 billion kronor compared to 1.48 billion kronor and earnings per share increased 1% to 1.19 kronor from 1.18 kronor a year earlier.

WPP Plc, the U.K.-based advertising and media company said total group revenues in the first-quarter ending in March increased 1.5% to £2.57 billion from £2.53 billion a year ago period.

The media company said sales increase was driven by a jump in North America and U.K regions by 3.4% and 12.2% respectively.

The company said average net debt in the first quarter fell to £2.45 billion compared to £3.06 billion in 2013.