ABB, Iberdrola, VW Net Climb, Barclays Profit Tumbles 52%

Nigel Thomas
29 Apr, 2015
New York City

ABB net jumped 4% to $564 million but revenues declined 10%. Barclays set aside

[R]4:00 PM Frankfurt – ABB net jumped 4% to $564 million but revenues declined 10%. Barclays set aside £2.05 billion for allegations to manipulate the foreign exchange markets. Iberdrola net jumped 7% to €796 million. Volkswagen net surged 19% to €2.9 billion.[/R]

In London trading, FTSE 100 index slipped 0.6% or 42.96 to 6,987.57 and in Frankfurt the DAX index declined 1.5% or 177.15 to 11,634.51.

In Paris, CAC 40 index dropped 1.3% or 69.17 to 5,104.21.

ABB Ltd rose 0.1% to $21.11 after the Switzerland-based power and automation technology provider reported revenues in the first-quarter ending in March declined 9.6% to $8.56 billion from $9.47 billion in a year ago period.

Net income in the quarter jumped 4% from a year ago to $564 million compared to $544 million and earnings per share to 25 cents from 24 cents.

Antofagasta Plc dropped 3% to 778 pence after the Chile-based copper mining company said copper production in the first-quarter ending in March plunged 13.6% to 146,400 tons from a year ago and plummeted 21.9% from previous quarter

Gold production in the quarter was nearly flat at 57,400 ounces while tumbled 30.3% from the fourth-quarter.

In April, the company divested its water division for about $960 million to Empresas Públicas de Medellín and the transaction is expected to complete in May.

Barclays Plc slipped 1.7% to 256.90 pence after the U.K.-based financial services provider reported net operating income in the first-quarter ending in March dropped 2.2% to £6.08 billion from £6.22 billion in a year ago period.

Net profit in the quarter tumbled 51.8% from a year ago to £465 million compared to £965 million and earnings per share dropped to 2.9 pence from 6 pence.

The bank set aside an additional £2.05 billion, including £800 million to cover the cost of allegations to manipulate the foreign exchange markets.

British American Tobacco Plc decreased 1.6% to 3,611.50 pence after the U.K.-based tobacco products maker said revenues in the first-quarter ending ion March declined 5.8% mainly due to adverse impact of exchange rate.

The company said total cigarette volume from subsidiaries fell 3.6% to 152 billion as the industry volume slipped in Brazil, Russia and Vietnam.

Iberdrola SA rose 0.4% to €6.14 after the Spain-based energy transmission company stated revenues in the first-quarter ending in March climbed 5.5% to €8.78 billion while purchases jumped 4.6% to €5.17 billion; gross margin soared 6.8% to €3.61 billion and operating profit advanced 5.3% to €1.34 billion.

Net recurring profit in the quarter jumped 7.2% from a year ago to €795.9 million and net earnings were stable at €840.8 million.

Volkswagen AG slumped 2% to €6.14 after the Germany-based automaker reported sales revenue in the first-quarter ending in March soared 10.3% to €52.7 billion from €47.8 billion in a year ago period.

Net profit in the quarter surged 18.8% from a year ago to €2.93 billion compared to €2.47 billion.

Volkswagen said operating profit attributable to the Chinese joint ventures in the quarter climbed 33.3% to €1.6 billion from €1.2 billion in a year ago period.