European Markets Slide, Energy Stocks Turn Volatile

Sarla Buch
14 May, 2018
New York City

Aumann profit soared on 25% jump in revenues. Cancom plunged despite net and revenues surged. ElringKlinger revenues were lower after the spinoff of Hug Group. Innogy revenues declined on weak domestic business.

[R]4:00 PM Frankfurt – Aumann profit soared on 25% jump in revenues. Cancom plunged despite net and revenues surged. ElringKlinger revenues were lower after the spinoff of Hug Group. Innogy revenues declined on weak domestic business.[/R]

In London trading, FTSE 100 index decreased 14.05 or 0.2% to 7,711.16 and in Frankfurt the DAX index fell 27.67 or 0.2% to 12,973.34.

In Paris, CAC 40 index slid 9.72 or 0.2% to 5,532.15.

Aumann AG advanced 3.1% to €54.10 after Germany-based automobile systems maker said revenues in the first-quarter ending in March surged 25.3% from a year ago to €63.2 million.

Net profit in the quarter soared 8.9% to €4.8 million from €4.4 million in a year ago period and diluted earnings per share were flat at €0.32 from a year ago.

Cancom SE plunged 5.2% to €97.65 after Germany-based information technology provider reported revenues in the first-quarter ending in March soared 19.7% from a year ago to €307.9 million.

Net profit in the quarter jumped 14.7% to €8.6 million from €7.5 million in a year ago period and diluted earnings per share advanced to €0.54 from €0.44.

The software developer said operating profit in the quarter surged 20.9% to €20.2 million and operating margin increased 6.6% from 6.5% in the same period a year ago.

Cancom forecasted fiscal 2018 revenues in cloud solutions operating segment to significantly increase and profit and operating profit is estimated to increase with the growing business in IT solutions segment.

ElringKlinger AG declined 3.6% to €14.48 after Germany-based automobile spare parts maker said revenues in the first-quarter ending in March fell 0.6% from a year ago to €430.7 million.

Net profit in the quarter rose 2.4% to €25.7 million from €25.1 million in a year ago period and diluted earnings per share increased to €0.41 from €0.40.

The automobile spare parts maker said revenues in the quarter were lower because of the Hug Group spin off on March 1, 2018.

ElringKlinger said order backlog in the quarter jumped 3.4% to €1 billion from a year ago period.

Innogy SE gained 0.3% to €36.39 after Germany-based energy provider reported revenues in the first-quarter ending in March declined 6% from a year ago to €11.6 billion.

Net profit in the quarter increased 2% to €642 million from €632 million in a year ago period and diluted earnings per share increased to €1.16 from €1.14.

The energy supplier said operating profit in the quarter dropped slightly to €1.2 billion after weak performance in domestic retail, grid and infrastructure businesses and because of the divesture from the exhaust gas purification business of Hug Group.

As of March 31, Innogy''s net debt increased €1.7 billion to €17.3 billion from December 31, 2017.