Europe Movers: Gucci Parent Kering, Carrefour, MTU Aero Engines

Bridgette Randall
15 Feb, 2023
Frankfurt

MTU Aero Engines AG increased 4.1% to €227.0 after the company reported its financial results for 2022 and lowered its 2023 revenue outlook. 

Revenue in the full-year 2022 increased 27% to €5.3 billion from €4.2 billion in the previous year. 

The operating profit increased 40% to €655 million and net income rose 39% to €476 million in 2022 from €342 million a year ago. 

The company also lowered its 2023 revenue outlook largely on the account of foreign exchange adjustments. 

MTU revised 2023 lower to between €6.1 billion and €6.3 billion from its November 2022 forecast between €6.4 billion and €6.6 billion, based on the revised euro-dollar exchange rate estimate of 1.10 compared to previous estimate of $1.05 in November. 

The company won new orders worth $3.6 billion in 2022 and ended the year with an order backlog of $22.3 billion compared to $22.2 billion at the end of 2021.  

Carrefour SA soared 8.5% to €17.82 after the hypermarket operator reported gains in market share in all key regions. 

Revenue in 2022 including VAT rose to €90.8 billion from €78.6 billion and comparable sales increased 8.5%. 

Sales in the fourth quarter increased 18% to €25.4 billion and comparable sales rose 10.9% following 11.3% in the third quarter. 

Comparable sales in Europe rose 6.2% and in France increased 5.6% and in Latin America advanced 28.2%. 

The company said the board of directors approved a new stock repurchase program of €800 million with no expiry date. 

Net income adjusted for exceptional items increased to €1.2 billion from €1.1 billion in 2021 and earnings per share advanced to €1.63 from €1.43 a year ago. 

Kering SA increased 3% to €578.40 after the parent of YSL and Gucci reported better-than-expected annual results. 

Revenue in 2022 increased 15% or 9% on a comparable basis to €20.3 billion. 

Net income attributable to shareholders increased 145 to €3.6 billion from 3.1 billion  and earnings per share increased to €29.34 from €25.49 in the previous year. 

The luxury goods company reported a dividend of €14 per share. 

Gucci revenue increased 8% to €10.5 billion from €9.7 billion and YSL revenue soared 33% to €3.1 billion from €2.5 billion a year ago. 

Of the total sales in 2022, Asia Pacific including China, India and Australia accounted for 33%, North America 27% and Western Europe 27%.