Bayer Weed Killer Legal Woes Mount, Vodafone Writes Down Asset

Sarla Buch
13 Nov, 2018
New York City

Bayer reported higher-than-expected revenues. Bilfinger net loss narrowed on improved revenues. FirstGroup revenues surged but net swung to a loss. Uniper declined after net swung to a loss. Vodafone net swung to a loss on weak revenues.

[R]4:00 PM Frankfurt – Bayer reported higher-than-expected revenues. Bilfinger net loss narrowed on improved revenues. FirstGroup revenues surged but net swung to a loss. Uniper declined after net swung to a loss. Vodafone net swung to a loss on weak revenues.[/R]

In London trading, FTSE 100 index slid 7.68 to 7,045.40 and in Frankfurt the DAX index increased 44.12 or 0.4% to 11,374.32.

In Paris, CAC 40 index rose 8.13 or 0.2% to 5,067.82.

Bayer AG slipped 3.1% to €66.48 after Germany-based chemical maker reported total revenues in the nine-month period ending in September jumped 8% from a year ago to €28.5 billion.

Net profit in the period plunged 21.5% to €5.6 billion from €7.2 billion in a year ago period and diluted earnings per share declined to €6.08 from €8.12.

The chemical maker said 9,300 plaintiffs had brought lawsuits on weed killers made by recently acquired Monsanto group from 8,700 in August.

""We continue to believe that we have meritorious defenses and intend to defend ourselves vigorously in all of these lawsuits,"" said chief executive officer Werner Baumann.

Bilfinger SE edged up 0.3% to €36.50 after Germany-based civil and industrial construction and engineering services provider said revenues in the nine-month period ending in September increased 3% from a year ago to €3 billion.

Net loss in the period narrowed to €14 million from €83 million in a year ago period and diluted earnings per share swung to €0.31 from diluted loss per share of €0.71.

Bilfinger reaffirmed fiscal 2018 revenues growth forecast stable to slightly higher from €3 billion and operating profit between €50 million and €75 million and order growth in the mid-single-digit percentage range from €4 billion in a year ago period.

FirstGroup Plc soared 9.9% to 87.55 pence after the transport services provider reported revenues in the first-half ending in September surged 19.2% from a year ago to £3.3 billion.

Net in the period swung to a loss of £9.2 million from profit of £1 million in a year ago six-month period and diluted loss per share swung to 0.6 pence from diluted earnings per share of 0.2 pence.

Uniper SE dropped 2.9% to €25.28 after Germany-based energy producer said total revenues in the nine-month period ending in September rose 0.2% from a year ago to €53.1 billion.

Net in the period swung to a loss of €521 million from profit of €782 million in a year ago period and diluted loss per share swung to €0.31 from diluted loss per share of €0.71.

The energy producer forecasted fiscal 2018 operating profit between €0.8 billion and €1.1 billion.

Vodafone Group Plc surged 7.4% to 155 pence after the U.K.-based telecom conglomerate reported revenues in the first-half ending in September declined 5.5% from a year ago to €21.8 billion.

Net in the period swung to a loss of €7.8 billion from profit of €1.2 billion in a year ago six-month period and diluted loss per share swung to €0.29 from diluted earnings per share of €0.4.

Vodafone said net loss was driven by disposal of Vodafone India, following the completion of the merger with Idea Cellular and impairment charges.