Hannover Re Earnings Take Hurricane Hit, M&S Steps Up Closures

Sarla Buch
08 Nov, 2017
New York City

HeidelbergCement profit rebounds on cost controls. Hannover Re earnings drop on catastrophic losses. Marks & Spencer said it will step up apparel store closures and slow down stand-alone food store expansion. Symrise jumped on strong growth in pet food and strong demand in new flavor segment.

[R]4:00 PM Frankfurt – HeidelbergCement profit rebounds on cost controls. Hannover Re earnings drop on catastrophic losses. Marks & Spencer said it will step up apparel store closures and slow down stand-alone food store expansion. Symrise jumped on strong growth in pet food and strong demand in new flavor segment.[/R]

In London trading, FTSE 100 index edged up 7.43 to 7,520.54 and in Frankfurt the DAX index slid 4.06 to 13,383.23.

In Paris, CAC 40 index fell 11.51 or 0.2% to 5,469.13.

HeidelbergCement AG jumped 5.1% to €89.13 after Germany-based building materials manufacturer reported revenues in the nine-month ending in September soared 19% from a year ago to €13 billion.

Net profit in the period surged 31% to €768 million from €585 million in a year ago nine-month period and diluted earnings per share advanced to €3.87 from €3.06.

Hannover Rueck SE gained 0.4% to €108.45 after Germany-based reinsurance services provider said revenues in the nine-month ending in September jumped 8.3% from a year ago to €13.5 billion.

Net profit in the period tumbled 30.7% to €548.9 million from €791.9 million in a year ago nine-month period and diluted earnings per share dropped to €4.55 from €2.52.

J D Wetherspoon Plc increased 0.5% to 1,251 pence after the U.K.-based pubs and restaurants operator said total sales in the first-quarter ending on October 29 jumped 4.3% and comparable sales soared 6.1% and operating margin in the quarter surged 8.6% from 3.5% in the same period a year ago.

Marks & Spencer Group Plc gained 1% to 331.10 pence after the U.K.-based food, apparel and home products retailer reported group revenues in the first-half ending in September rose 2.6% from a year ago to £5.1 billion.

Net income in the period surged to £84.6 million from £15.9 million in a year ago six-month period and diluted earnings per share advanced to 5.2 pence from 1 pence.

M&S reported pre-tax profits jumped to £118 million from £25.1 million in the same period a year ago.

Symrise AG advanced 3.7% to €70.31 after the Germany-based fragrances, flavorings, cosmetic and ingredients maker said revenues in the nine-month period ending in September increased 3.9% from a year ago to €2.3 billion.

Operating profit in the period rose 2.3% to €337.2 million from €329.5 million in a year ago nine-month period and diluted earnings per share advanced to €3.87 from €3.06.