Europe Update: Villeroy Boch, Puma, Bilfinger

Mayank Mehta
18 Nov, 2009
New York City

Bilfinger Berger third quarter net profit falls. Geox nine-month profit slumps 33% on falling sales. Claude Brunet resigns his mandate as an AXA management board member. JCDecaux secures advertising contracts for two Japanese cities.

[R]7:00 PM Frankfurt, Paris; 1:00 PM New York – Bilfinger Berger third quarter net profit falls. Geox nine-month profit slumps 33% on falling sales. Claude Brunet resigns his mandate as an AXA management board member. JCDecaux secures advertising contracts for two Japanese cities.[/R]

European markets traded sideways as investors digest earnings from AB Volvo, Air Berlin and Bilfinger Berger AG.

In London FTSE 100 Index closed lower 3.80 or 0.07% to 5,342.13, in Paris CAC 40 Index decreased 0.90 or 0.02% to close at 3,828.16, in Frankfurt DAX index higher 9.18 or 0.16% to close at 5,787.61. In Zurich trading SMI decreased 7.43 or 0.12% to close at 6,368.97.

Gainers & Losers

AB Volvo the truck manufacturer said third quarter sales fell 30.5% to SEK48.5 billion from SEK69.8 billion a year ago. Net loss in the quarter was SEK2.9 billion or SEK1.44 per diluted share compared to net profit of SEK2.0 billion or SEK0.98 per share a year ago.

Air Berlin Plc added 4.2% to €3.65 an airline said third quarter revenues fell 8.2% to €974.0 million from €1.06 billion a year ago. Net profit in the quarter rose 111% to €95.2 million compared to net profit of €45.1 million a year ago.

Air France-KLM the airline decreased 0.09% to €11.42.

Allianz SE decreased 0.4% to €84.41 after the insurer was downgraded to “equal-weight” from “overweight” at Morgan Stanley.

AXA SA rose 1.5% to €25.69 an international financial services group said that Claude Brunet has resigned his mandate as a member of company’s management board.

Bilfinger Berger AG advanced 1.7% to €51.68 after the construction and services group said third quarter revenues fell 11% to €2.4 billion from €2.7 billion a year ago. Net profit in the quarter fell 87% to €7 million or €0.21 per diluted share compared to net profit of €54 million or €1.53 per share a year ago.

Commerzbank AG rose 0.5% to €7.07 Reitmeyer, the newspaper said stressed that the acquisition of Dresdner bank has given his firm the requisite scale to challenge Deutsche Bank.

CompuGROUP Holding AG fell 3.1% to €8.38 after the medical-software provider said third quarter operating profit increased 23% to €16.1 million.

Deutsche Telekom AG rose 0.2% to €9.77 after the telecommunication company said the private details of millions of mobile phone customers, including their numbers and addresses, have been sold illegally. Staff at T-Mobile passed the information to brokers who then sold it to rival phone companies

DL Software gained 6.9% to €9.10 after the software company said that it has raised its full year 2009 operating profit guidance and now expects to report full year 2009 operating profit of €5.8 million with an operating margin of 14%.

Encres Dubuit SA the manufacturer of inks for silk screen printing climbed 0.4% to €4.80.

Geox SpA decreased 1.4% to €4.73 after the footwear and apparel maker said nine months revenues fell 2.3% to €780.6 million from €798.9 million a year ago. Net profit in the nine months fell 33.4% to €89.7 million or €0.35 per diluted share compared to net profit of €134.6 million or €0.52 per share a year ago.

JCDecaux SA rose 0.2% to €16.14 after the outdoor advertising company said it had secured contracts in two different Japanese cities. Financial details weren''t disclosed.

Maire Tecnimont SpA fell 2.4% to €2.30 an international industrial group said nine months revenues fell 2.3% to €1.67 billion from €1.71 billion a year ago. Net profit in the nine months fell 37.3% to €49.9 million or €0.16 per diluted share compared to net profit of €79.5 million or €0.25 per share a year ago.

Munich Re closed unchanged at €106.71 after the reinsurer was downgraded to “neutral” from “overweight” at JPMorgan Chase & Co.

PPR SA rose 1.3% to €83.25 after the retailer and luxury goods distribution said five-year CDS spreads tightened over ten basis points to 173/183 basis points after the company said it will raise between €768.8 million and €899 million with the initial public offering of its African distribution unit CFAO.

Puma AG Rudolf Dassler Sport fell 2.1% to €225.07 after the shoes and sportswear maker said third quarter sales fell 5.5% to €673.4 million from €712.7 million a year ago. Net profit in the quarter fell 23.7% to €67.9 million or €4.50 per diluted share compared to net profit of €89.0 million or €5.81 per share a year ago.

Terna - Rete Elettrica Nazionale SpA rose 0.2% to €2.81 after the electricity transmission grid operator said third quarter revenues rose 9% to €340 million from €312 million a year ago. Net profit in the quarter rose 46.8% to €113 million compared to net profit of €77 million a year ago.

Villeroy & Boch AG surged 6.6% to €6.13 after it was selected to be added to a small company index managed by the Deutsche Boerse.