Europe Movers: Centrica, Commerzbank, Orange

Bridgette Randall
16 Feb, 2023
Frankfurt

Orange SA increased 6.2% to €10.62 after the mobile telephone service provider reported better-than-expected financial results. 

Revenue in the fourth quarter increased 1.8% to €11.3 billion and in 2022 rose 2.2% to €43.4 billion. Consolidated net income totaled €2,6 billion from €778 million in 2021.

The company proposed a dividend of 70 euro cents a share and the board of directors will decide on the payment on May 23. 

Kering SA increased 3.7% and extended gains for the second day to €596.70 after the luxury goods company reported higher earnings in 2022.

Commerzbank AG increased 11.6% to €11.50 after the German bank forecasted higher profit in the current year supported by rising rates. 

Net interest income in fiscal year 2022 increased 33% to €6.46 billion and total revenue increased 12.0% to €9.4 billion from €8.5 billion a year ago. 

Net income increased more than three-fold to €1.44 billion from €430 million a year ago.  

The company also estimated net interest income in 2023 to rise above €6.5 billion.

The company said it plans to distribute €250 million or 20 euro cents a share to common shareholders after the annual meeting at the end of May. 

Centrica PLC increased 5% to 103.45 pence after the electric utility services provider reported better-than-anticipated results. 

Revenue in 2022 increased to £23.7 billion from £14.7 billion a year ago. 

The company swung to a loss of £636 million compared to a profit of £1.2 billion a year ago. 

The company proposed a final dividend of 2 pence per share in addition to interim dividend of 1 pence a share.

The company said adjusted earnings increased to £2.0 billion from £162 million or 34.2 pence from 2.80 pence a year ago.