Porsche and MAN Shine on Results, Michelin Agreed to Buy Fenner

Sarla Buch
20 Mar, 2018
New York City

Bellway profit jumped on record sales. MAN SE said operating profit in 2017 significantly surged. Michelin agreed to acquire the U.K.-based conveyor belt maker Fenner Plc for

[R]4:00 PM Frankfurt – Bellway profit jumped on record sales. MAN SE said operating profit in 2017 significantly surged. Michelin agreed to acquire the U.K.-based conveyor belt maker Fenner Plc for £1.3 billion. Porsche reported record 2017 results. Tom Tailor net swung to profit.[/R]

In London trading, FTSE 100 index rose 28.91 or 0.4% to 7,071.84 and in Frankfurt the DAX index gained 54.84 or 0.5% to 12,272.87.

In Paris, CAC 40 index increased 13.17 or 0.3% to 5,236.33.

Bellway Plc jumped 2.7% to 3,132 pence after the U.K.-based residential property developer said revenues in the first-half ending in January soared 15.3% from a year ago to £1.3 billion.

Net profit in the period jumped 17.1% to £235 million from £200.7 million in a year ago period and diluted loss per share advanced to 190.7 pence from 163.2 pence.

The home builder said total home sold in the period jumped 6.3% to 4,741 units with an average price of £275,945, 7.7% higher than in the same period a year earlier and order book surged 7.7% to £1.52 billion comprising of 5,485 homes.

MAN SE, formerly MAN AG dropped 0.7% to €95.65 after Germany-based mechanical engineering services provider reported revenues in the first-half ending in December jumped 6% from a year ago to €14.3 billion.

Net in the period swung to profit €311 million from a loss of €18 million in a year ago period and diluted earnings per share swung to €2 from diluted loss per share of €0.12.

The MAN Group said operating profit in the first-half surged 177.5% to €566 million and increased its fiscal 2017 order intake by 12% to €16.1 billion.

Michelin increased 0.2% to €125.20 after France-based tire manufacturer agreed to acquire the U.K.-based conveyor belt and reinforced polymer products maker Fenner Plc for about £1.3 billion or $1.7 billion.

Porsche Automobil Holding SE advanced 1.5% to €67.38 after Germany-based automobiles manufacturer reported revenues in the year ending in December surged from a year ago to €34 billion.

Net profit in the year soared 143% to €3.3 billion from €1.4 billion in a year ago period and diluted earnings per share jumped to €10.87 from €4.48.

Porsche forecasted fiscal 2018 group profit between €3.4 billion and €4.4 billion and net liquidity in the range of €0.7 billion to €1.2 billion.

Tom Tailor Holding AG soared 4.7% to €9.39 after Germany-based fashion and life style casual wear maker said revenues in the first-half ending in December slumped 4.8% from a year ago to €921.8 million.

Net in the period swung to profit €17.1 million from a loss of €73 million in a year ago period and diluted earnings per share swung to €0.37 from diluted loss per share of €2.95.

""With the far-reaching measures of our RESET-program, we set good financial basis for sustainable growth of our profitability,"" said chief financial officer Thomas Dressendorferc.