Europe Earnings: BBVA, Daimler, Glaxo, Heritage Oil, Total

Nigel Thomas
30 Apr, 2014
New York City

BBVA net tumbled 64% to

[R]4:00 PM Frankfurt – BBVA net tumbled 64% to €624 million and revenue slid 7%. Daimler net surged 93% to €1.09 billion and revenue climbed 13% to €29.5 billion. Glaxo net plunged 30% to £719 million. Heritage surged after takeover offer. Total SA profit surged but sales dropped.[/R]

In London trading, FTSE 100 index edged up 0.04% or 2.43 to 6,772.34 and in Frankfurt the DAX index rose 0.1% or 11.60 to 9,595.72.

In Paris, CAC 40 index fell 0.4% or 18 to 4,479.68.

Banco Bilbao Vizcaya Argentaria SA fell 1.4% to €8.82 after the Spain-based financial services provider said total revenue in the first-quarter ending in March declined 6.8% to €5.05 billion from €5.42 billion a year ago.

Net income in the quarter tumbled 64% to €624 million compared to €1.73 billion a year earlier.

Daimler AG decreased 1.8% to €66.61 after the Germany-based automobile company stated revenue in the first-quarter ending in March climbed 13% to €29.46 billion from €26.10 billion a year ago period.

Net income in the quarter surged 93% to €1.09 billion compared to €564 million and earnings per share jumped to €0.96 from €0.50 a year ago.

GlaxoSmithKline Plc slipped 1.5% to 1,640.40 pence after the U.K.-based healthcare group reported sales in the first-quarter ending in March declined 13.3% to £5.61 billion from £6.47 billion a year ago.

Net income in the quarter plunged 30.1% to £719 million compared to £1.03 billion and diluted earnings per share slumped to 13.7 pence from 19.6 pence a year earlier.

Heritage Oil Plc surged 22.8% to 313.80 pence after the U.K.-based independent oil and gas explorer said the company received cash takeover offer of £924 million from Al Mirqab Capital SPC, owned by Qatar’s royal family valuing £924 million in cash.

Today, separately the oil and gas explorer said total revenue in the year ending in year surged to $431.9 million from $8.8 million a year ago.

Net in the year swung to a loss $385.5 million compared to a profit of $260 million a year earlier.

Total SA slid 0.4% to €51.30 after the France-based oil and gas explorer said sales in the first-quarter ending in March dropped 5% to $60.69 billion from $63.56 billion a year ago.

Net income in the quarter surged 70.6% to $3.43 billion compared to $2.01 billion and diluted earnings per share jumped to $1.46 from 86 cents a year earlier.

Total plans to boost its cash flow and cut costs and decided to sell non-strategic assets between $15 billion and $20 billion in 2013 and 2014.

So far, the group has divested more than $14 billion of assets.