Daimler Net Doubled on Strong Car Sales, Credit Suisse Net Swing to Profit

Sarla Buch
26 Apr, 2017
New York City

Air Liquide profit jumped after segment revenues surged. Boohoo.Com profits doubled after rapid overseas expansion. Credit Suisse net swung to profit and plans to raise 4 billion Swiss francs through a rights offering. Daimler net doubled and lifted profit outlook.

[R]4:00 PM Frankfurt – Air Liquide profit jumped after segment revenues surged. Boohoo.Com profits doubled after rapid overseas expansion. Credit Suisse net swung to profit and plans to raise 4 billion Swiss francs through a rights offering. Daimler net doubled and lifted profit outlook.[/R]

In London trading, FTSE 100 index grew 16.60 or 0.2% to 7,291.37 and in Frankfurt the DAX index increased 12.90 to 12,479.10.

In Paris, CAC 40 index gained 12.47 or 0.2% to 5,290.52.

Air Liquide SA gained 0.9% to €112 after France-based industrial gas provider said group revenues in the first-quarter ending in March soared 38.5% from a year ago to €5.2 billion.

Net profit in the quarter jumped 25.9% from a year ago to €34 million from €27 million and diluted earnings per share increased to €0.23 from €0.18.

Air Liquide said revenues in the gas and services segment surged 42.2% and revenues in engineering and in global markets and technologies business jumped 18.8% while revenues construction business tumbled 57.4%.

The industrial gas provider performs strong growth in cash flow from operating activities in the quarter to about €920 million and reaffirmed to deliver net profit growth in 2017.

Boohoo.Com Plc slumped 3.6% to 183 pence after the U.K.-based online own-brand clothing, shoes and accessories retailer said revenues in the year ending in February surged 51% from a year ago to £294.6 million.

Net income in the year soared 163.2% from a year ago to £17.9 million from £6.8 million and diluted earnings per share increased to 2.16 pence from 1.10 pence.

The online retailer said pre-tax profits in the quarter almost doubled to £31 million from £16 million in a year ago period after rapid overseas expansion and the revenue grew 33% in the U.K., more than 50% in Europe, 140% in the U.S. and 40% in the rest of the world.

Croda International Plc jumped 4.4% to 3,818 pence after the U.K.-based specialty chemicals producer reported revenues in the first-quarter ending in March advanced 19.1% from a year ago to £365.5 million.

Croda said revenues in the core business soared 19.6% and revenues in the industrial chemicals increased 15.1%.

Credit Suisse Group AG advanced 2.5% to 15.69 Swiss francs after Switzerland-based financial services provider said group revenues in the first-quarter ending in March soared 19% from a year ago to 5.5 billion francs.

Net in the quarter swung to profit from a year ago to 596 million francs from a loss of 302 million and diluted earnings per share swung to 0.27 francs from diluted loss per share of 0.15 francs.

The bank’s wealth-management unit reported strong performance by growth of 4% in net revenue and credit and securitized-products division revenues more than doubled from a year ago.

Separately, the lender plans for share capital increase through a rights offering and raise 4 billion francs after it abandon plans for partial sale of its domestic unit.

Daimler AG slid 0.2% to €68.56 after Germany-based luxury cars, trucks and vans maker reported revenues in the first-quarter ending in March soared 11% to €38.8 billion.

Net profit in the quarter doubled from a year ago to €2.8 billion from €1.4 billion and diluted earnings per share increased to €2.53 from €1.26.

In the quarter, the free cash flow of the industrial business amounted to a cash inflow of €1.9 billion from €0.3 billion in the same period a year ago after sale of real estate at the Kawasaki site in Japan.

Daimler said passenger cars and commercial vehicles sales in the quarter soared 10% to 754,300 units from 683,900 units in the same period a year ago.

This was primarily driven by record sales in Mercedes-Benz Cars unit with a surge of 14% to 568,100 units and Mercedes-Benz Vans sales jumped 13% to 86,800 units.

Kering SA surged 9.6% to €284 after France-based luxury goods retailer said revenues in the first-quarter ending in March jumped 31.2% to €3.6 billion.

Kering said revenues in Puma brand soared 17.9% and revenues in Gucci business advanced 51.4% and revenues in Bottega Veneta''s jumped 4.7% and revenues in other luxury brands surged 12.3%.

London Stock Exchange Group Plc gained 1.1% to 3,343.48 pence after the U.K.-based stock trading services provider said total revenues in the first-quarter ending in March soared 18% from a year ago to £420.6 million and gross profit jumped 17% to £409.1 million.

LSE said gross profit was higher in the quarter on strong growth in clearing and FTSE Russell businesses.

Standard Chartered Plc jumped 4.8% to 762.90 pence after the U.K.-based banking and financial services provider reported revenues in the first-quarter ending in March jumped 8% from a year ago to $3.6 billion.

Net profit in the quarter doubled from a year ago to $990 million from $500 million benefitted from restructuring strategy.

The bank said net loans and advances to customers in the quarter increased 5% from the end of the year to $270 billion and customer accounts in the quarter jumped 5% to $398 billion.

“Competition in our markets remains intense but our investments in the business and focus on our clients is making us more competitive and will enable us to deliver sustainable income growth over time,"" said group chief executive officer Bill Winters.