BNP Paribas Bond Trading Revenues Drop, VW Reaffirms 2018 Deliveries

Sarla Buch
30 Oct, 2018
New York City

BNP Paribas net dropped after bond trading revenues declined 15%. Deutsche Borse reaffirmed fiscal outlook. Fresenius slumped on weak revenues. Deutsche Lufthansa net declined on higher fuel costs and integration costs of Eurowings. Volkswagen reaffirmed fiscal 2018 deliveries.

[R]4:00 PM Frankfurt – BNP Paribas net dropped after bond trading revenues declined 15%. Deutsche Borse reaffirmed fiscal outlook. Fresenius slumped on weak revenues. Deutsche Lufthansa net declined on higher fuel costs and integration costs of Eurowings. Volkswagen reaffirmed fiscal 2018 deliveries.[/R]

In London trading, FTSE 100 index slid 15.70 or 0.2% to 7,010.75 and in Frankfurt the DAX index slipped 73.79 or 0.6% to 11,263.82.

In Paris, CAC 40 index fell 39.78 or 0.8% to 4,949.87.

Aixtron SE surged 19.4% to €10.35 after Germany-based deposition equipment provider said revenues in the nine-month period ending in September rose 3% from a year ago to €180.9 million.

Net in the period swung to profit €27.7 million from a loss of €20.6 million in the same period a year ago and diluted earnings per share swung to €0.25 from diluted loss per share of €0.18.

The technology provider lifted total orders forecast to about €290 million from the earlier estimate of €260 million to €290 million and gross margin of around 40%.

Aixtron also lifted operating profit forecast to between €35 million and €40 million from the earlier estimate of €26 million.

BNP Paribas SA declined 3.2% to €45.94 after France-based banking and financial services provider reported revenues in the nine-month period ending in September fell 0.8% from a year ago to €32.4 billion.

Net income in the period dropped 3.9% to €6.1 billion from €6.3 billion in the same period a year ago.

The lender said higher profit was driven by the divestment of 30.3% stake in First Hawaiian Bank for about €286 million and lower corporate income tax.

In the quarter, weak revenue and higher operating expenses contributed 7.9% decline in operating profit and bond trading revenues declined 15%.

Deutsche Borse AG slipped 0.6% to €108.75 after Germany-based banking and trading services provider said net revenues in the nine-month period ending in September soared 11% from a year ago to €2 billion.

Net income in the period jumped 4% to €684.3 million from €660.7 million in the same period a year ago and diluted earnings per share increased to €3.69 from €3.53.

The bank reaffirmed fiscal 2018 net revenues forecast of about 5% and net profit of about 10%.

Fresenius SE & Co KGaA slumped 2.1% to €56.92 after Germany-based health care services provider reported net revenues in the nine-month period ending in September rose 1% from a year ago to €24.7 billion.

Net income in the period increased 3% to €1.4 billion from €1.3 billion in the same period a year ago and diluted earnings per share increased to €3.69 from €3.53.

Deutsche Lufthansa AG plunged 7.3% to €17.46 after Germany-based airline services provider said group revenues in the nine-month period ending in September grew 1% from a year ago to €26.9 billion.

Net income in the period dropped 6% to €1.7 billion from €1.9 billion in the same period a year ago and diluted earnings per share slumped to €3.69 from €3.95.

The airliner said passenger numbers surged 11% to 108.5 million after consolidation of Air Berlin and decline in profit was driven by higher fuel costs and the integration costs of Eurowings.

Lufthansa forecasted fiscal 2019 capacity to increase by 8% but adjusted operating profit is estimated to be slightly below compared to a year ago period.

Volkswagen Group jumped 3.2% to €146.96 after Germany-based automobile manufacturer reported group revenues in the nine-month period ending in September jumped 2.7% from a year ago to €174.6 billion and pre-tax profit increased €2.2 billion to €12.5 billion.

Volkswagen reaffirmed fiscal 2018 deliveries to moderately surpass previous year deliveries and operating profit in the range of 6.5% to 7.5%.