Deutsche Bank Net Swings to Loss; Fiat Chrysler Revenue Surges 14%

Nigel Thomas
29 Oct, 2014
New York City

Deutsche Bank net swung to a loss to

[R]4:00 PM Frankfurt – Deutsche Bank net swung to a loss to €94 million on litigation related charges. Fiat Chrysler net slid but revenue surged 14% to €23.5 billion. Next revised fourth-quarter outlook. STMicroelectronics net swung to profit but revenue declined 6%. Schneider revenue climbed 7% to €6.3 billion.[/R]

In London trading, FTSE 100 index jumped 0.7% or 48.79 to 6,450.96 and in Frankfurt the DAX index rose 0.4% or 31.87 to 9,100.06.

In Paris, CAC 40 index slid 0.04% or 1.76 to 4,110.91.

Deutsche Bank AG slipped 1.3% to €24.91 after the Germany-based lender reported net interest income in the third-quarter ending in September declined 6.3% to €3.41 billion from €3.64 billion a year ago period.

Net in the quarter swung to a loss from a year ago to €94 million compared to profit of €51 million and diluted loss per share of €0.07 from earnings per share to €0.04.

The bank set aside €894 million or $1.1 billion in the quarter to clear litigation related charges.

Fiat Chrysler Automobiles NV traded unchanged at €6.94 after the Italy-focused automaker said net revenue in the third-quarter ending in September surged 13.8% to €23.55 billion from €20.69 billion a year ago period.

Net profit in the quarter slid 0.5% from a year ago to €188 million compared to €189 million.

Next Plc fell 0.2% to 6,425 pence after the U.K.-based apparel and home products retailer lowered profit guidance after an unusually warm autumn and said sales in the third-quarter to October 25 increased 5.4%.

Next direct sales in the period soared 9.7% while retail sales increased 2.4%.

The retailer revised sales guidance for the fourth-quarter increase to 1% from 4% and profit for the year between £750 million and £790 million ahead of 8% to 14% higher than a year ago but lower than previous estimate of 775 to 815 million.

STMicroelectronics NV plunged 8.6% to €5.08 after the Switzerland-based semiconductor products maker said net revenue in the third-quarter ending in September declined 6% to $1.89 billion from $2.01 billion a year ago period.

Net in the quarter swung to profit from a year ago to $72 million compared to a loss of $142 million and diluted earnings per share swung to 8 cents from a loss of 16 cents.

Schneider Electric SA jumped 2.9% to €60.54 after the France-based electricity distributor reported revenue in the third-quarter ending in September climbed 7% to €6.29 billion from a year ago period.

The company said industry segment revenues in the quarter surged 44.2% to €1.38 billion while infrastructure segment revenues plunged 10% to €1.27 billion and IT revenues slipped 1.1% to €869 million.

Revenues from North America soared 10% to €1.63 billion.

Total SA jumped 2.3% or $1.33 to $59.42 after the France-based oil and gas producer reported sales in the third-quarter ending in September dropped 2% to $60.36 billion from a year ago period.

Net income in the quarter plunged 12.8% to $3.53 billion or $1.52 a diluted share compared to $3.13 billion or $1.36 from a same quarter last year.

The company said production of Hydrocarbon in the quarter plunged 8% to 2,122 thousand barrels of oil equivalent per day from a year ago period.