Daimler, Unilever Net Soar; Credit Suisse Net Swings to Profit

Nigel Thomas
23 Jul, 2015
New York City

Credit Suisse net swung to profit to 1.05 billion francs. Daimler profit climbed 8% to

[R]4:00 PM Frankfurt – Credit Suisse net swung to profit to 1.05 billion francs. Daimler profit climbed 8% to €2.3 billion on 19% increase in revenues. Pearson is in talk to sell FT Group to Germany-based Axel Springer. Syngenta net plunged 12%. Unilever net climbed 11%.[/R]

In London trading, FTSE 100 index edged down 2.69 to 6,664.78 and in Frankfurt the DAX index slid 0.2% or 21.24 to 11,499.91.

In Paris, CAC 40 index edged up 1.51 to 5,084.08.

Credit Suisse Group AG soared 7.3% to 28.81 Swiss francs after the Switzerland-based financial services provider reported net revenues in the second-quarter ending in June climbed 8% to 6.94 billion francs from 6.43 billion francs in a year ago period.

Net in the quarter swung to profit from a year ago to 1.05 billion francs compared to a loss of 700 million francs and diluted earnings per share swung to 0.61 francs from diluted loss per share of a 45 francs.

The bank added pre-tax income in private banking & wealth management was 937 million francs compared to a loss of 749 million francs in a year ago period while pre-tax income in investment banking declined 18% to 615 million francs.

Daimler AG fell 0.6% to €83.76 after the Germany-based auto maker said revenues in the second-quarter ending in June soared 19% to €37.53 billion from €31.54 billion in a year ago period.

Net profit in the quarter climbed 8% from a year ago to €2.27 billion compared to €2.10 billion and diluted earnings per share jumped to €2.12 from €1.97.

Daimler said revenues in Mercedes-Benz division climbed 19% to €21.1 billion and revenues in Trucks'' segment jumped 19% to €9.4 billion.

Mercedes-Benz Vans revenues surged 13% to €2.8 billion while Daimler Buses revenue unchanged at €1 billion.

The company added unit sales in China soared 34% and unit sales in the U.S jumped 10%

As of June, the auto maker said free cash flow of the industrial business jumped to €3.4 billion from €1.4 billion a year ago period.

Pearson Plc gained 1.9% to 1,232 pence after the U.K.-based education and media conglomerate is in preliminary talks to sell the FT Group, including the Financial Times newspaper to the Germany-based media company Axel Springer.

The publishing company is scheduled to release its half-year results tomorrow, chief executive officer John Fallon and Robin Freestone, chief financial officer will host a presentation for analysts and investors.

Shares of Axel Springer declined 2.3% to €49.51.

Syngenta AG fell 1% to 399.60 Swiss francs after the Switzerland-based crop protection products maker said sales in the first-half ending in June declined 10% to $7.63 billion from $8.51 billion in a year ago period.

Profit in the period plunged 12% from a year ago to $1.22 billion compared to $1.39 billion and diluted earnings per share slipped to $14.70 from $15.60.

Software AG soared 8.5% to €27.48 after the Germany-based infrastructure software developer said total revenues in the second-quarter ending in June increased 5% to €205.6 million from €196 million in a year ago period.

Net profit in the quarter soared 41% from a year ago to €19.88 million compared to €14.06 million and diluted earnings per share increased to €0.25 from €0.18.

Unilever N.V rose 0.2% to €40.83 after the Switzerland-based consumer goods products maker reported revenues in the first-half ending in June soared 12% to €26.99 billion from €24.10 billion in a year ago period.

Profit in the period climbed 11% from a year ago to €2.66 billion compared to €2.99 billion and diluted earnings per share dropped to €0.87 from €0.97.