BP Profit Jumps on Rising Oil Prices and Production, Carlsberg Lifts Forecast

Sarla Buch
01 May, 2018
New York City

BP profits jumped on higher oil prices and production. Carlsberg lifted profit forecast despite revenues declined. DS Smith said paper volume growth improved in the year. Just Eat reaffirmed fiscal 2018 revenues growth forecast. RPS Group stock soared.

[R]4:00 PM Frankfurt – BP profits jumped on higher oil prices and production. Carlsberg lifted profit forecast despite revenues declined. DS Smith said paper volume growth improved in the year. Just Eat reaffirmed fiscal 2018 revenues growth forecast. RPS Group stock soared.[/R]

In London trading, FTSE 100 index rose 18.87 or 0.3% to 7,528.30 and in Frankfurt the DAX index increased 31.24 or 0.3% to 12,612.11.

In Paris, CAC 40 index gained 37.32 or 0.7% to 5,520.50.

BP Plc gained 1.8% to 547.60 pence after the U.K.-based oil and gas producer and marketer reported total revenues in the first-quarter ending in March soared 22.5% from a year ago to $69.1 billion.

Net profit in the quarter surged 66.7% to $2.5 billion from $1.5 billion in a year ago period and diluted earnings per share jumped to $12.33 from $7.38.

BP said oil and gas production in the quarter jumped 6% to 3.7 million barrels of oil equivalent per day and upstream production, excluding Rosneft soared 9% from a year ago period.

Carlsberg A/S increased 0.5% to 681 Danish kronor after Denmark-based brewer said net revenues in the first-quarter ending in March declined 5% from a year ago to 12.7 billion kronor.

Western Europe region revenues dropped 8% to 7.1 billion kronor and Eastern Europe region plunged 14% to 2 billion kronor while in Asia jumped 6% to 3.6 billion kronor.

Carlsberg lifted fiscal 2018 operating profit forecast to about 550 million kronor from the earlier estimate of 450 million kronor.

DS Smith Plc advanced 2.4% to 535 pence after the U.K.-based corrugated and plastic packaging provider said volume growth in the year ending in April along with price improvement helped results in the year. However, the company said sales in the current fiscal year are expected to be in-line with the prior year.

Just Eat Plc jumped 4.7% to 810.40 pence after the U.K.-based online food order and delivery service provider reported group revenues in the first quarter surged 49% from a year ago to £177.4 million, driven by strong order growth and higher value delivery orders.

The online food order service provider said orders in the quarter soared 24% to 29.7 million and international orders jumped 46% to 21.9 million.

Just Eat reaffirmed fiscal 2018 revenues growth forecast between £660 million and £700 million and operating profit in the range of £165 million to £185 million.

RPS Group Plc soared 6.1% to 274.26 pence after the U.K.-based energy and environmental consultancy services provider said profit in the first-quarter ending in March may be lower than the same period a year ago due to the Easter holiday break.

Fee income was flat at £141.9 million and net debt as of March 31 increased to £87 million from £80.6 million in the same period a year ago.