Bayer, Logitech Net Soar; Airbus, Lloyds Banking Profit Decline

Sarla Buch
26 Oct, 2016
New York City

Airbus net declined 5%. Bayer profit surged 19%. The luxury goods retailer Kering revenues jumped 11%. Logitech net surged 41%. Lloyds Banking net tumbled 68% and set aside a further

[R]4:00 PM Frankfurt – Airbus net declined 5%. Bayer profit surged 19%. The luxury goods retailer Kering revenues jumped 11%. Logitech net surged 41%. Lloyds Banking net tumbled 68% and set aside a further £1 billion to compensate for payment protection product scandal related charges.[/R]

In London trading, FTSE 100 index dropped 63.61 or 0.9% to 6,954.74 and in Frankfurt the DAX index decreased 74.23 or 0.7% to 10,682.74.

In Paris, CAC 40 index slumped 17.27 or 0.4% to 4,523.57.

Airbus Group SE gained 2.6% to €54.76 after the Netherlands-based aerospace and defense group said revenues in the nine-month ending in September fell 1% from a year ago to €42.7 billion.

Net income in the quarter declined 5% from a year ago to €1.8 billion compared to the €1.9 billion and diluted earnings per share decreased to €2.34 from €2.42.

As of September 30, the aerospace and defense group said revenues in helicopters business dropped 3% and revenues in defence and space segment declined 8%.

Airbus said net income in the third-quarter plunged 87%, to €50 million mainly due to higher effective tax rate in the period and revenues slid 1% to €13.95 billion.

""For the remaining months we totally focused on deliveries to achieve earnings and cash guidance,"" said Airbus Chief Executive Tom Enders.

Bayer AG slumped 2.4% to €89.30 after Germany-based pharmaceuticals products maker reported revenues in the third-quarter ending in September rose 2.3% from a year ago to €11 billion.

Net income in the quarter surged 18.8% from a year ago to €999 million compared to the €1.2 billion and diluted earnings per share decreased to €1.34 from €1.19.

Kering surged 8.6% to €204.65 after France-based luxury goods retailer reported revenues in the third-quarter ending in September jumped 10.5% from a year ago to €3.2 billion.

The luxury goods maker said revenue in the quarter surged 11.3% and revenues soared 9.3% in the sport and lifestyle segment and at Puma revenues jumped 10.8% and at Gucci revenues advanced 17%.

Logitech International SA soared 17.5% to 24.90 Swiss francs after Switzerland-based computer peripheral maker said revenues in the second-quarter jumped 8.9% from a year ago to $564.3 million.

Net income in the quarter advanced 41% from a year ago to $58 million compared to the $41 million and diluted earnings per share increased to 35 cents from 25 cents.

Lloyds Banking Group Plc rose 0.4% to 55.56 pence after the U.K.-based financial services provider said net interest income in the third-quarter ending in September slid 1% from a year ago to £2.85 billion.

Net income in the period tumbled 68% from a year ago to £219 million compared to the £690 million and diluted earnings per share slipped to 2 pence from 8 pence.

The lender said it had set aside additional £1 billion to pay compensation for an inappropriate sale of payment protection insurance that were sold loan insurance.

The extra provision was expected after the deadline for PPI claims was extended to June 2019.

Mortgage lender Lloyds already set aside of about £16 billion to compensate customers and the deadline for PPI claims extended to June 2019.