Bunzl Profit Jumps on Higher Demand, Sydbank Misses Profit Forecast

Sarla Buch
28 Aug, 2018
New York City

Bunzl profit soared on acquisitions and higher demand in North America. JOST Werke net swung to profit. Sydbank plunged after profit declined and the company missed profit forecasts. Royal Unibrew reported record results and lifted fiscal outlook.

[R]4:00 PM Frankfurt – Bunzl profit soared on acquisitions and higher demand in North America. JOST Werke net swung to profit. Sydbank plunged after profit declined and the company missed profit forecasts. Royal Unibrew reported record results and lifted fiscal outlook.[/R]

In London trading, FTSE 100 index increased 47.60 or 0.6% to 7,626.09 and in Frankfurt the DAX index rose 12.88 to 12,552.34.

In Paris, CAC 40 index gained 23.88 or 0.4% to 5,502.98.

Bunzl Plc slipped 0.8% to 2,311 pence after the U.K.-based outsourcing services provider reported revenues in the first-half ending in June advanced 5% from a year ago to £4.3 billion.

Net income in the period soared 13% to £149.2 million from £131.7 million in a year ago period and diluted earnings per share increased to 44.8 pence from 39.5 pence.

Separately today, the specialist distribution and services provider announces that it had acquired Norway-based light catering equipment supplier Enor AS.

JOST Werke AG gained 0.7% to €37.80 after Germany-based commercial vehicle components maker reported sales in the first-half ending in June jumped 5% from a year ago to €381.1 million.

Net in the period swung to profit €34.7 million from a loss of €81.9 million in the same period a year ago and diluted earnings per share swung to €2.33 from diluted loss per share of €5.50.

The truck and trailer’s safety systems maker said domestic sales soared 6% to €242.8 million and sales in the North America increased 8% to €66.3 million while flat sales in Asia, Pacific and Africa segment to €72 million.

JOST lifted fiscal 2018 sales forecast to increase to a mid- to high-single digit rate from the earlier estimate of mid-single digit rate.

Sydbank A/S plunged 9.4% to 198 Danish kronor after Denmark-based banking services provider said net interest income in the first-half ending in June slid 1.6% from a year ago to 1.9 billion kronor.

Net income in the period declined 18.1% to 668 million kronor from 816 million kronor in the same period a year ago and diluted earnings per share fell to 10 kronor from 11.8 kronor.

The lender forecasted fiscal 2018 profit in the range of 1.34 billion to 1.54 billion.

Royal Unibrew A/S advanced 3.6% to 558.50 Danish kronor after Denmark-based brewing and beverage maker reported net revenues in the first-half ending in June surged 11% from a year ago to 3.5 billion kronor.

Net income in the period surged 28.7% to 668 million kronor from 816 million kronor in the same period a year ago and diluted earnings per share rose to 9.9 kronor from 7.4 kronor.

The beverage maker said sales in the period increased 4% to 5.2 million hectoliters from a year ago period.

Royal Unibrew lifted fiscal 2018 revenues forecast between 7 billion kronor and 7.2 billion kronor from the earlier estimate of 6.9 billion kronor and 7.1 billion kronor.

The brewer also lifted fiscal operating profit forecast in the range of 1.63 billion kronor to 1.68 billion kronor from the earlier estimate of 1.56 billion kronor to 1.64 billion kronor.

Varta AG jumped 4.2% to €26.06 after Germany-based automobile batteries maker said group sales in the first-half ending in June soared 12% from a year ago to €134 million.

Net income in the period surged 28% to €14.3 million from €11.2 million in the same period a year ago.

The batteries maker said micro-batteries and power and energy segments had a strong start in the period and operating profit jumped 33% to €25.8 million.