Movers: Credit Suisse, Philips, Salzgitter, Software AG

Bridgette Randall
24 Apr, 2023
Frankfurt

Philips NV gained 11.2% to €19.28 after the consumer electronics and technology company reported higher operating earnings and sales in its first quarter. 

Group sales increased 2% to €4.17 billion from €3.92 billion and adjusted EBITA increased to 359 million from 243 million a year ago.   

Comparable sales increased 6% driven by a rise in double-digit sales in its diagnostics and treatment unit and low single-digit increase in sales in connected care businesses. 

Net loss increased after the company set aside 575 million related to the settlement of a class action lawsuit stemming from the Respironics recall in the U.S. 

Net loss expanded to 665 million from 151  million and loss per share rose to 75 cents from 14 cents a year ago. 

Software AG soared 49.4% to €29.84 after the German software company agreed to a deal from the private equity firm Silver Lake. 

Credit Suisse Group AG increased 2.1% to CHF 0.81 after the Swiss bank said net asset outflow in the first quarter was CHF 61 billion or $68 billion. 

Revenue in the first quarter soared to  CHF 18.5 billion from CHF 4.4 billion and net income attributable to shareholders swung to CHF12.4 billion from a loss of CHF273 million a year ago. 

Diluted earnings per share was CHF3.08 compared to a 10 cents loss year ago. 

The result primarily reflected the write-down to zero of CHF 15 billion of Additional Tier 1 capital notes as ordered by the Swiss Financial  Market Supervisory Authority (FINMA) in light of the planned merger with UBS. 

Adjusted revenue in the first quarter plunged 40% to CHF 2.7 billion from CHF 4.5 billion and the bank swung to a pre-tax net loss of CHF 1.3 billion from CHF 300 million a year ago.  

"Customer deposits declined CHF 67 billion in the first quarter. These  outflows, which were most acute in the days immediately preceding and  following the announcement of the merger, stabilized to much lower  levels, but had not yet reversed as of April 24, 2023," Credit Suisse noted in the earnings release. 

Assets under management declined 19% to 1.25 trillion compared to 1.55 trillion a year ago. 

Resource and energy companies traded lower after crude oil and natural gas prices eased on the demand worries. 

BP Plc, TotalEnergies SE, Repsol SA, Shell Plc and Eni SpA dropped between 0.5% and 1.3% after Brent crude oil and natural gas prices eased. 

Salzgitter AG decreased 0.2% to €36.82 after the German steel company said first quarter earnings plunged nearly 50% but the company reaffirmed its full-year outlook. 

The company estimated profit in the first quarter of €183 million compared to €465 million in the similar period in 2022. 

The company reiterated its 2023 sales of €13 billion compared to €12.6 billion in 2022 and earnings before interest, taxes, amortization and depreciation or EBITDA between €750 million and €850 million.