Europe Movers: Arcelor Mittal, BMW, Barclays, Credit Agricole, Daimler Truck, Deutsche Post, Rolls Royce, Societe Generale, Smith & Nephews

Inga Muller
01 Aug, 2024
Frankfurt

Arcelor Mittal declined 4.5% to €19.99 after the French steelmaker reported a 73% decline in second quarter earnings. 

BMW decreased 3% to €83.20, and the German luxury automaker reported a decline in revenue, earnings, and deliveries in the second quarter. The company estimated a slight decline in fiscal year earnings. 

Revenue in the second quarter declined 0.7% to Є36.94 billion, net income fell 8.6% to Є2.71 billion from Є2.96 billion, and earnings per share fell 5.5% to Є4.15 from Є4.39 a year ago. 

Daimler Truck declined 3.2% to €34.60 after the German truck maker cut its fiscal-year annual outlook. 

Deutsche Post dropped 6.3% to €38.66 after the international parcel delivery company reported second-quarter results. 

Revenue increased 2.7% to €20.6 billion from €20.1 billion, operating income declined 24% to €744 million from €978 million, and diluted earnings per share fell to 63 cents from 80 cents a year ago. 

Societe Generale declined 9% to €21.83 after the French bank cut its annual outlook for its domestic retail activities. 

Credit Agricole declined 0.4% to €13.97 after the French lender posted a decline in second-quarter profit. 

Smith & Nephews advanced 6.8% to 1,199.0 pence after the UK-based prosthetic device maker reported better-than-expected first-half results. 

Barclays PLC declined 3.6% to 225.32 pence after the UK-based bank reported a decline in profit in the second quarter. 

Rolls Royce jumped 9.4% to 491.88 pence after the British aerospace and defense company reported higher profit, raised its annual income outlook, and held out for dividend reinstatement later in the year. 

Revenue in the first half increased to £8.2 billion from £7.2 billion, and underlying profit rose to £1.2 billion from £673 million a year ago, respectively. 

The company revised its annual profit range to between £2.1 billion and £2.3 billion from the previous estimate of between £1.7 billion and £2.0 billion. 

The maker of engines for Boeing and Airbus said it plans to reinstate a 30% dividend pay-out ratio of after-tax underlying profit.