Daimler Profit Declines 20%; Nokia Loss Narrows, Schneider Lifts Outlook

Sarla Buch
25 Oct, 2018
New York City

AB InBev plunged after profit and revenues declined. Daimler profit tumbled 20% on weak revenues. Nokia net loss narrowed but revenues fell too. Schneider lifted revenues forecast.

[R]4:00 PM Frankfurt – AB InBev plunged after profit and revenues declined. Daimler profit tumbled 20% on weak revenues. Nokia net loss narrowed but revenues fell too. Schneider lifted revenues forecast.[/R]

In London trading, FTSE 100 index increased 17.25 or 0.3% to 6,980.52 and in Frankfurt the DAX index advanced 108.30 or 0.9% to 11,297.37.

In Paris, CAC 40 index jumped 75.94 or 1.5% to 5,028.95.

Anheuser-Busch InBev plunged 10.2% to €64.97 after Belgium-based brewer said revenues in the quarter ending in September decreased 4.5% from a year ago to $13.2 billion.

Diluted earnings per share declined to 82 cents from $1.31.

AB InBev said improved revenue in the premium brands was driven by continued strong premium brand and strong performance by global brands but volumes fell 0.2%, beer volumes increased 0.5% and non-beer volumes dropped 2.4%.

Daimler AG advanced 2.7% to €51.34 after Germany-based automobile maker reported revenues in the nine-month period ending in September slid 0.2% from a year ago to €120.8 billion.

Net income in the period declined 20% to €5.9 billion from €7.4 billion in the same period a year ago and diluted earnings per share slumped to €5.32 from €6.68.

Daimler said unit sales in the quarter dropped 4% to 794,700 vehicles from 824,100 vehicles in a year ago period.

In the period, revenues in Mercedes-Benz passenger cars fell 3% to €67.2 billion but in Daimler trucks business increased 6% to €27.8 billion and in Daimler Financial Services segment soared 5% to €18.6 billion.

Nokia Oyj slid 0.5% to €4.66 after Finland-based telecom services provider said net sales in the nine-month period ending in September declined 5% from a year ago to €15.7 billion.

Net loss in the period narrowed to €752 million from €1.1 billion in the same period a year ago and diluted loss per share fell to €0.13 from €0.19.

Nokia forecasted fiscal 2018 operating margin growth between 6% and 9%.

Schneider Electric SE soared 7.7% to €62.20 after France-based energy management systems provider reported group revenues in the nine-month period ending in September advanced 3.4% from a year ago to €18.7 billion.

Revenues in the energy management segment jumped 2.4% to €14.1 billion and in the industrial automation soared 6.8% to €4.6 billion from a year ago period.

Schneider lifted fiscal 2018 operating profit growth forecast to between 8% and 9% from the earlier estimate of 7% to 8%.