Carrefour Soars on Turnaround Plan Confidence, Eni Profit Jumps on Higher Oil

Sarla Buch
27 Jul, 2018
New York City

BASF missed first-half earnings estimates. Carrefour net swung to loss on weak domestic sales but stock soared on the progress in turnaround plan. Eni profit.Kering reported higher-than-expected profit. Reckitt Benckiser net jumped.

[R]4:00 PM Frankfurt – BASF missed first-half earnings estimates. Carrefour net swung to loss on weak domestic sales but stock soared on the progress in turnaround plan. Eni profit.Kering reported higher-than-expected profit. Reckitt Benckiser net jumped.[/R]

In London trading, FTSE 100 index rose 44.50 or 0.6% to 7,707.85 and in Frankfurt the DAX index gained 49.50 or 0.4% to 12,860.98.

In Paris, CAC 40 index increased 22.15 or 0.4% to 5,502.69.

BASF SE dropped 2.9% to €82.19 after Germany-based chemical producer reported revenues in the first-half ending in June rose 1% from a year ago to €33.4 billion.

Net income in the period fell 1% to €3.16 billion from €3.21 billion in the same period a year ago and diluted earnings per share dropped to €3.44 from €3.49.

BASF reaffirmed fiscal 2018 sales and earnings forecast are expected to increase slightly increase but operating profit may drop.

Carrefour SA surged 11.4% to €15.48 after France-based department stores and hypermarkets operator said net sales in the first-half ending in June slumped 3% from a year ago to €37.1 billion.

Net in the period swung to a loss of €861 million from profit of €78 million in the same period a year ago and diluted earnings per share dropped to €3.44 from €3.49.

The retailer confirmed its financial targets for 2020 and 2022 and as of June 30, net debt fell to €6.3 billion from €7.7 billion in the same period a year ago.

Danone SA advanced 2.7% to €67.40 after France-based food and beverages maker reported sales in the first-half ending in June jumped 4% from a year ago to €12.5 billion.

Net income in the period soared 23.1% to €1.2 billion from profit of €975 million in the same period a year ago and diluted earnings per share rose to €1.87 from €1.57.

The food processer said sales in Morocco declined 40% due to ongoing consumer boycott for its products started in April 2018.

""Excluding exceptional situation in Morocco, all reporting entities delivered growth in the second-quarter,"" said chief executive officer Emmanuel Faber.

Eni SpA slipped 0.9% to €16.16 after Italy-based oil and gas explorer reported total revenues in the first-half ending in June soared 7.5% from a year ago to €36.9 billion.

Net profit in the period more than doubled to €2.2 billion from €983 million in the same period a year ago and diluted earnings per share jumped to €0.61 from €0.27.

ENI said strong profit was driven by higher oil prices and production growth.

The oil and gas explorer forecasted fiscal 2018 capital expenditures in-line with the guidance of about €7.7 billion.

Kering S.A declined 7.5% to €464.40 after France-based luxury products maker reported net sales in the first-half ending in June jumped 25.5% from a year ago to €6.4 billion.

Net profit in the period soared to €2.4 billion from €825.8 million in the same period a year ago and diluted earnings per share increased to €10.02 from €6.47.

Reckitt Benckiser Group Plc soared 8.3% to 6,837 pence after the U.K.-based consumer goods maker reported revenues in the first-half ending in June surged 23% from a year ago to £6.1 billion.

Net income in the period jumped 70.7% to £874 million from £512 million in a year ago period and diluted loss per share soared to 121.5 pence from 71 pence.