Europe Earnings: Altice, BowLeven, Carnival, Chemring, Croda, ThromboGenics

Nigel Thomas
24 Jun, 2014
New York City

Altice issued 17.9 million shares to raise

[R]4:00 PM Frankfurt – Altice issued 17.9 million shares to raise €911 million. BowLeven sold its 50% stake in the Etinde oil and gas permit for $250 million. Chemring Group said pre-tax loss widened to £72 million on 6.7% decline in revenues. Croda Intl lowered pre-tax profit forecast.[/R]

In London trading, FTSE 100 index slid 0.2% or 10.57 to 6,789.99 and in Frankfurt the DAX index edged up 0.06% or 5.62 to 9,926.54.

In Paris, CAC 40 index rose 0.1% or 6.46 to 4,522.03.

Altice SA dropped 3.9% to €50.90 after the France-based cable and communications provider issued 17.9 million shares raised €911 million or $1.24 billion to increase capital for its stake in Numericable Group and to reduce debt.

BowLeven Plc surged 17% to 46.25 pence after the U.K.-based oil and gas explorer sold its 50% stake in the Etinde oil and gas permit, offshore Cameroon, to Russia-based Lukoil OAO and NewAge Ltd for $250 million in cash.

Bowleven is seeking to reduce its stake in Etinde permit from 75% to 25%.

Carnival Plc slipped 1.8% to 2,272 pence after the U.K.-based cruise company reported total revenue in the second-quarter ending in May jumped 2.9% to $3.63 billion from $3.48 billion a year ago period.

Net income in the quarter surged 158.5% to $106 million compared to $41 million and diluted earnings per share soared to 14 cents from 5 cents a year earlier.

Chemring Group Plc plunged 11.9% to 182.75 pence after the U.K.-based explosive devices maker said revenue in the first-half ending in April dropped 6.7% to £277.4 million from £297.4 million a year ago.

Pre-tax loss in the period widened to £72 million compared to £9.2 million and loss per share increased to 37.5 pence from 1.8 pence a year earlier.

Croda International Plc declined 8.2% to 2,210 pence after the U.K.-based specialty chemicals maker forecasted pre-tax profit for the second-quarter to decline 8% from reported pre-tax profit of £65.2 million in the first-quarter.

ThromboGenics NV tumbled 30.6% to €9.98 after the Belgium-based biopharmaceutical company decided to continue as a stand-alone company and will pursue a potential partner for marketing of its JETREA eye drug in the U.S.