Europe Earnings: adidas, BNP Paribas, Lloyds Banking, Weir

Nigel Thomas
31 Jul, 2014
New York City

adidas plunged 16% after the footwear lowered annual profit estimate. BNP Paribas net swung to a loss of

[R]4:00 PM Frankfurt – adidas plunged 16% after the footwear lowered annual profit estimate. BNP Paribas net swung to a loss of €2.6 billion. Lloyds Banking profit tumbled 56% to £699 million. Weir net declined 6% from a year earlier to £117 million.[/R]

In London trading, FTSE 100 index slumped 0.7% or 47.23 to 6,726.21 and in Frankfurt the DAX index declined 1.9% or 180.04 to 9,413.64.

In Paris, CAC 40 index dropped 1.6% or 69.08 to 4,243.22.

adidas AG plunged 15.5% to €49.45 after the Germany-based sports footwear, apparel and accessories maker reported sales in the second-quarter ending in June increased 2% to €3.46 billion. Operating profit in the quarter was €220 million and net income for the quarter was €144 million.

The company forecasted net income for the year to drop about €650 million and revised from earlier guidance between €830 million and €930 million.

BNP Paribas SA slipped 0.8% to €49.45 after the France-based banking company stated revenue in the second-quarter ending in June increased 1.8% to €19.48 billion from €19.13 billion a year ago period.

Net in the quarter swung to a loss from a year earlier to €2.65 billion compared to profit of €3.35 billion and diluted loss per share swung to a €2.22 from earnings of €2.59.

Lloyds Banking Group Plc dropped 2.9% to 74.18 pence after the U.K.-based financial services provider reported net interest income in the second-quarter ending in June climbed 11.3% to £5.80 billion from £5.21 billion a year ago period.

Profit in the period tumbled 55.7% from a year earlier to £699 million compared to £1.58 billion and earnings per share dropped to 0.8 pence from 2.2 pence.

The Weir Group Plc declined 3.7% to 2,570 pence after the U.K.-based industrial machinery maker said revenue in the first-half ending on July 4 dropped 5% to £1.14 billion from £1.20 billion a year ago period.

Profit in the period declined 6% from a year earlier to £116.6 million compared to £120.9 million and earnings per share slumped to 53.1 pence from 56.3 pence.