Sanofi Announces Stock Buyback, Despite Asia Setback Renault Sales Rise

Sarla Buch
27 Apr, 2018
New York City

Amundi profit soared as net assets under management jumped on the rising inflow. Renault revenues edged up despite sales decline in Asia and Middle East. Sanofi profit tumbled 82% and drug-maker plans to buy back as much as

[R]4:00 PM Frankfurt – Amundi profit soared as net assets under management jumped on the rising inflow. Renault revenues edged up despite sales decline in Asia and Middle East. Sanofi profit tumbled 82% and drug-maker plans to buy back as much as €1.5 billion of its shares.[/R]

In London trading, FTSE 100 index increased 44.06 or 0.6% to 7,465.49 and in Frankfurt the DAX index gained 70.06 or 0.6% to 12,570.88.

In Paris, CAC 40 index rose 17.76 or 0.3% to 5,471.32.

Amundi SA jumped 4.2% to €69.76 after France-based asset management services provider said revenues in the first-quarter ending in March increased 1.7% from a year ago to €663 million.

Net profit in the quarter jumped 9.3% to €221 million from €202 million in a year ago period.

Amundi said assets under management as of March 31 jumped 5.8% to €1.5 trillion and net inflows surged 36.3% to €39.8 billion from a year ago period.

Renault SA slumped 3.1% to €64.66 after France-based automobile maker reported net sales in the first-quarter ending in March rose 0.2% from a year ago to €13.2 billion.

Vehicle registrations in the quarter jumped 4.8%, including Jinbei and Huasong sales of to 935,041 vehicles and in Europe, registrations increased 2.8%.

Outside Europe, sales in Eurasia soared 22.1% and in the Americas surged 21.3% but facing slowdown in Africa, Middle-East and India sales declined 5.3% and in Asia-Pacific plunged 18.6%.

Sanofi SA dropped 2.5% to €64.66 after France-based biopharmaceutical products maker reported net sales in the first-quarter ending in March declined 8.7% from a year ago to €7.9 billion.

Net profit in the quarter tumbled 82.1% to €1.02 billion from €5.7 million in a year ago period and diluted earnings per share dropped to €0.81 from €4.51.

The biopharmaceutical products maker forecasted fiscal 2018 earnings per share growth in the range 2% to 5%.

Sanofi said it plans to buy back as much as €1.5 billion of its stock and complete the purchase by mid-2019.