Leoni Tumbles on Weak Results, Vestas Wind Launches Stock Buy Back

Sarla Buch
15 Aug, 2018
New York City

Admiral Group net and revenues advanced. Balfour Beatty revenues declined 10%. Hikma Pharmaceuticals reported strong first-half results. Leoni tumbled. Vestas Wind Systems plans to launch share buyback program.

[R]4:00 PM Frankfurt – Admiral Group net and revenues advanced. Balfour Beatty revenues declined 10%. Hikma Pharmaceuticals reported strong first-half results. Leoni tumbled. Vestas Wind Systems plans to launch share buyback program.[/R]

In London trading, FTSE 100 index declined 113.77 or 1.5% to 7,497.87 and in Frankfurt the DAX index plummeted 229.97 or 1.9% to 12,128.90.

In Paris, CAC 40 index plunged 113.99 or 2.1% to 5,289.41.

Admiral Group Plc advanced 2.7% to 2,051 pence after the U.K.-based motor insurance provider said net revenues in the first-half ending in June jumped 8.6% from a year ago to £598.1 million.

Net income in the period soared 8.6% to £175.9 million from £161.9 million in the same period a year ago and diluted earnings per share increased to 61.5 pence from 57.2 pence.

The vehicle insurer said group pretax profit jumped 9% to £211 million from £193 million in a year ago period.

Balfour Beatty Plc gained 0.7% to 292.30 pence after the U.K.-based home builder reported revenues in the first-half ending in June declined 9.5% from a year ago to £3.8 billion.

Net income in the period surged to £69 million from £20 million in the same period a year ago and diluted earnings per share jumped to 10.1 pence from 3.2 pence.

The home builder said as of June 30 total orders soared 11% to £12.6 billion from £11.4 billion in the same period a year ago.

Hikma Pharmaceuticals Plc surged 7.6% to 1,772 pence after the U.K.-based generic and in-licensed pharmaceutical products maker said revenues in the first-half ending in June soared 11% from a year ago to $989 million.

Net income in the period jumped 55.7% to $109 million from $70 million in the same period a year ago and diluted earnings per share advanced to 43.8 cents from 28.6 cents.

The generic drug maker forecasted fiscal 2018 revenues in the range of $775 million to $825 million and generic segment full-year revenue to be in the range of $600 million to $650 million and core operating margin to be in the mid-to-high single digit.

Leoni AG tumbled 11.9% to €37.63 after Germany-based wires, cables and wiring systems as well as a provider stated revenues in the first-half ending in June surged 8% from a year ago to €2.7 billion.

Net profit in the period plunged 11.9% to €85.9 million from €97.6 million in the same period a year ago and diluted earnings per share slumped to €2.63 from €2.99.

Vestas Wind Systems A/S jumped 3.1% to 407.20 Danish kronor after Sweden-based wind turbines maker reported revenues in the first-half ending in June dropped 3.4% from a year ago to €3.9 billion.

Net profit in the period tumbled 17.3% to €286 million from €346 million in the same period a year ago and diluted earnings per share plummeted to €1.41 from €1.61.

The wind turbine maker lowered fiscal 2018 revenues forecast between €10 billion and €10.5 billion from the earlier estimate of €10 billion to €11 billion and operating margin in the range of 9.5% to 10.5% from the earlier estimate of 9% to 11%.

Separately, Vestas Wind plans to launch share buyback program of up to €200 million or $227 million.