BMW, Fresenius Net Jump; Commerzbank, Lufthansa, Meggitt Net Drop

Sarla Buch
02 Aug, 2016
New York City

BMW net soared 12% after U.S. and Asia lead sales growth. Commerzbank net and revenues declined. Lufthansa profit dropped 55%. Fresenius lifted sales and profit outlook. Meggitt net tumbled 58%. Metro net swung to profit. Tullett Prebon net plunged.

[R]4:00 PM Frankfurt – BMW net soared 12% after U.S. and Asia lead sales growth. Commerzbank net and revenues declined. Lufthansa profit dropped 55%. Fresenius lifted sales and profit outlook. Meggitt net tumbled 58%. Metro net swung to profit. Tullett Prebon net plunged.[/R]

In London trading, FTSE 100 index fell 36.10 or 0.5% to 6,657.75 and in Frankfurt the DAX index slumped 174.31 or 1.7% to 10,157.15.

In Paris, CAC 40 index declined 75.55 or .7% to 4,333.10.

Bayerische Motoren Werke AG slipped 1.5% to €75.96 after the Germany-based automobile maker reported revenues in the first-half ending in June jumped 4.5% from a year ago to €25.01 billion.

Net income in the period soared 11.5% from a year ago to €1.94 billion compared to €1.74 billion and diluted earnings per share advanced to €2.95 per share from €2.66.

BMW said group sales in premium brand BMW increased 5.7% to 605,534 units, worldwide sales in MINI segment jumped 5.4% to 96,587 units and sales in Rolls-Royce business surged 14.7% to 1,133 units..

Commerzbank AG plunged 8% to €5.30 after the Germany-based bank said revenues in the first-half ending in June dropped 12.8% from a year ago to €4.55 billion.

Net income in the period declined 42.3% from a year ago to €372 million compared to €645 million and diluted earnings per share advanced to €0.30 per share from €0.55.

Deutsche Lufthansa AG slumped 3.6% to €10.34 after the Germany-based airline operator said revenues in the first-half ending in June decreased 2.1% from a year ago to €15.04 billion.

Net income in the period dropped 55% from a year ago to €429 million compared to €954 million and diluted earnings per share slipped to €0.92 per share from €2.06.

The Lufthansa forecasted operating profit in the fiscal 2016 to be less than €1.8 billion reported in a year ago period.

Fresenius SE & Co KGaA fell 1.3% to €66.18 after the Germany-based health care products maker reported revenues in the first-half ending in June gained 4% from a year ago to €14 billion.

Net income in the period surged 18% from a year ago to €755 million compared to €642 million and diluted earnings per share jumped to €1.37 per share from €1.17.

The health care products maker lifted sales growth estimate in the year between 6% and 8% and profit forecast between 11% and 14% from the earlier estimated range of 8% to 12% from a year ago period.

Meggitt Plc dropped 2% to 424.98 pence after the U.K.-based aircraft parts maker said revenues in the first-half ending in June soared 18% from year ago to £882.9 million.

Net profit in the period tumbled 57.7% from a year ago to £42.1 million compared to £99.6 million and diluted earnings per share slumped to 5.4 pence from 12.4 pence.

Metro AG tumbled 8.3% to €26.14 after the Germany-based discount retailer reported revenues in the third-quarter ending in June rose 2.8% from a year ago to €13.97 billion.

Net in the quarter swung to profit from a year ago to €97 million compared to a loss of €38 million and diluted earnings per share swung to €0.33 per share from diluted loss per share of €0.07.

Tullett Prebon Plc gained 1.4% to 330.40 pence after the U.K.-based trading exchange operator said revenues in the first-half ending in June jumped 4% from year ago to £430.3 million.

Net profit in the period plunged 66.9% from a year ago to £29.3 million compared to £88.6 million and diluted earnings per share dropped to 11.9 pence from 35.8 pence.