Continental, E.ON, Siemens Net Surge; ArcelorMittal Net Loss Widens

Nigel Thomas
07 May, 2015
New York City

ArcelorMittal net loss widened. Continental profit climbed 12%. Commerzbank net soared 83% to

[R]4:00 PM Frankfurt – ArcelorMittal net loss widened. Continental profit climbed 12%. Commerzbank net soared 83% to €366 million. E.ON profit jumped 29% to €1.2 billion. Siemens net surged more than three-fold to €3.9 billion. Veolia net climbed 88% to €212 million.[/R]

In London trading, FTSE 100 index slipped 0.7% or 48.60 to 6,885.14 and in Frankfurt the DAX index gained 0.5% or 53.83 to 11,403.98.

In Paris, CAC 40 index fell 0.4% or 19.08 to 4,962.51.

ArcelorMittal SA declined 2.8% to €9.31 after the Luxembourg-based steel maker reported sales in the first-quarter ending in March declined 13.5% to $17.12 billion from $19.79 billion in a year ago period.

Net loss in the quarter widened from a year ago to $728 million compared to $205 million and diluted loss per share increased to 41 cents from 12 cents.

The company said total steel shipments in the quarter jumped 3% to 21.6 million metric tons from a year ago period.

The company said sales in the Europe segment climbed 5.9% to €7.6 billion and operating profit of €281 million from €58 million in a year ago period.

Depreciation in the quarter dropped to $807 million compared to $982 million in the fourth-quarter. Impairment charges in the fourth-quarter were $264 million.

Continental AG gained 1.2% to €209.20 after the Germany-based tire maker said revenues in the first-quarter ending in March soared 14% to €9.57 billion form €8.39 billion in a year ago period.

Net profit in the quarter climbed 11.6% from a year ago to €656.7 million compared to €588.3 million and earnings per share jumped to €3.28 from €2.94.

The tire maker forecasted sales for the current fiscal year of about €39 billion from earlier estimate of about 38.5 billion.

BASF SE fell 0.8% to €85.68 after the Germany-based chemicals group agreed to divest parts of its pharmaceutical ingredients business to Switzerland-based drug contract manufacturer Siegfried Holding for €270 million, including assuming debts.

Commerzbank, the Germany-based financial services provider said revenues in the first-quarter ending in March surged 23% to €2.78 billion form €2.26 billion in a year ago period.

Net profit in the quarter soared 83% from a year ago to €366 million compared to €200 million and earnings per share jumped to €3.28 from €2.94.

E.ON SE jumped 2.2% to €13.97 after the Germany-based energy solutions provider stated revenues in the first-quarter ending in March dropped 2% to €30.55 billion form €31.04 billion in a year ago period.

Net profit in the quarter jumped 29.3% from a year ago to €1.17 billion compared to €905 million and earnings per share increased to €0.55 from €0.40.

E.ON forecasted operating profit for the year may between €1.4 billion and €1.8 billion.

RTL Group S.A slumped 1.9% to €81.34 after the Luxembourg-based broadcasting services provider said revenues in the first-quarter ending in March fell 0.4% to €1.308 billion form €1.313 billion in a year ago period.

Net income in the quarter climbed 16.5% from a year ago to €106 million compared to €91 million and earnings per share advanced to €0.69 from €0.59.

Siemens AG decreased 1.2% to €13.97 after the Germany-based conglomerate stated revenues in the second-quarter ending in March climbed 8% to €18.05 billion form €16.70 billion in a year ago period.

Net income in the quarter surged more than three-fold from a year ago to €3.89 billion compared to €1.12 billion and earnings per share jumped to €4.70 from €1.33.

Veolia Environnement VE SA rose 0.7% to €18.17 after the France-based environmental services provider said revenues in the second-quarter ending in March soared 8.5% to €6.31 billion form €5.81 billion in a year ago period.

Net profit in the quarter climbed 87.8% from a year ago to €212 million compared to €113 million and earnings per share jumped to €4.70 from €1.33.