Continental Tumbles, Adyen Net Surges on Rising Transaction Volume

Sarla Buch
22 Aug, 2018
New York City

Adyen NV reported strong results after record initial public offering. Continental tumbled after the tire maker lowered fiscal outlook on higher costs and warranty claims. Jyske Bank profit and revenues declined. GN Store Nord reaffirmed fiscal outlook.

[R]4:00 PM Frankfurt – Adyen NV reported strong results after record initial public offering. Continental tumbled after the tire maker lowered fiscal outlook on higher costs and warranty claims. Jyske Bank profit and revenues declined. GN Store Nord reaffirmed fiscal outlook.[/R]

In London trading, FTSE 100 index rose 12.58 or 0.2% to 7,578.49 and in Frankfurt the DAX index fell 25.92 or 0.2% to 12,358.44.

In Paris, CAC 40 index edged up 7.93 or 0.2% to 5,416.73.

Adyen NV soared 4.4% to €572 after the Netherlands-based online mobile and point-of-sale payments maker reported revenues in the first-half ending in June soared 57.6% from a year ago to €697.1 million.

Net income in the period surged 74.6% to €48.2 million from €27.6 million in the same period a year ago and diluted earnings per share of €1.58.

In its first earnings report, the payment services provider said total processed volume in the period jumped 43.1% to €70 billion and operating profit advanced 83.1% to €70.3 million.

Adyen forecasted fiscal 2018 revenues growth of at least 40% and operating profit of more than 55%.

Continental AG tumbled 12.8% to €161.65 after Germany-based tires, brake systems and chassis maker reported revenues in the first-half ending in June increased 1.6% from a year ago to €22.4 billion.

Net profit in the period jumped 4% to €1.6 billion from €1.5 billion in a year ago period and diluted earnings per share advanced to €7.80 from €7.48.

Continental lowered fiscal 2018 sales forecast to about €45 billion from the earlier estimate of €46 billion and operating margin of about 9% from the earlier estimate of more than 10%. The margin decline was driven by higher costs and unspecified warranty claims.

In fiscal 2018, the group also lowered sales in the automotive segment forecast to about €27.5 billion from the earlier estimate of €28 billion.

Jyske Bank A/S declined 4.9% to 337.30 Danish kronor after Denmark-based banking and financial services provider said interest income in the first-half ending in June slumped 5% from a year ago to 5.3 billion kronor.

Net income in the period plunged 12.3% to 1.4 billion kronor from 1.6 billion kronor in the same period a year ago and diluted earnings per share dropped to 15.96 kronor from 17.75 kronor.

GN Store Nord A/S soared 7.1% to 328.10 Danish kronor after Denmark-based hearing aids and headsets maker reported interest income in the first-half ending in June advanced 4.9% from a year ago to 4.9 billion kronor.

Net income in the period declined 7.3% to 497 million kronor from 536 million kronor in the same period a year ago but diluted earnings per share jumped to 3.65 kronor from 3.31 kronor.

GN Hearing business reaffirmed fiscal 2018 revenues growth of more than 6% and operating margin of more than 20%.

In audio business GN lifted revenues forecast in the range of 16% to 19% from the earlier estimate of 15%.