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Caribbean Global Market Update

Adidas, Hannover Re Reaffirm Outlook; Deutsche Telekom Net Tumbles

Author: Sarla Buch
Islandjournal.net
Last Update: 10:54 AM EDT August 09 2018


4:00 PM Frankfurt Adidas reaffirmed fiscal outlook on the back of strong quarterly results. Deutsche Telekom net tumbled on weak revenues and accounting settlement. Hannover Re reaffirmed outlook on strong revenues. Merck profit plunged on weak revenues. Zurich Insurance net soared 20%.

In London trading, FTSE 100 index decreased 31.77 or 0.4% to 7,744.88 and in Frankfurt the DAX index increased 21.67 or 0.2% to 12,651.52.

In Paris, CAC 40 index fell 9.25 or 0.2% to 5,492.36.

Adidas AG surged 8.2% to 206.20 after Germany-based sports shoes, clothing and accessories maker reported net sales in the first-half ending in June jumped 3% from a year ago to 10.8 billion.

Net profit in the period surged 53% to 936 million from 613 million in the same period a year ago and diluted earnings per share advanced to 4.70 from 3.96.

Adidas said strong profit was driven by double-digit sales growth in North America, Asia-Pacific, Latin America and Russia.

Adidas added combined sales with Reebok brands increased in all market segments.

Adidas reaffirmed fiscal 2018 sales growth of about 10% and net income to increase between 1.62 billion and 1.68 billion and earnings per share to jump in the range of 12% to 16% from a year ago period.

Deutsche Telekom AG slipped 0.5% to 14.24 after Germany-based telecom services provider reported revenues in the first-half ending in June declined 3.3% from a year ago to 36.3 billion.

Net profit in the period tumbled 8.3% to 1.5 billion from 1.6 billion in the same period a year ago and diluted earnings per share jumped to 4.60 from 4.44.

Deutsche Telekom said decline in profit was driven by the accounting settlements in the Toll Collect arbitration proceedings which had negative impacted of 0.6 billion.

The telecom services provider lifted fiscal 2018 operating profit forecast to 23.4 billion from the earlier estimate of 23.3 billion after positive customer growth in the United States.

Hannover Re advanced 2.7% to 116.10 after Germany-based reinsurance services provider said gross written premiums in the first-half ending in June soared 11% from a year ago to 9.9 billion.

Net profit in the period jumped 3.8% to 555.3 million from 535 million in the same period a year ago and diluted earnings per share jumped to 4.60 from 4.44.

The insurer reaffirmed fiscal 2018 profit forecast of about 1 billion and double-digit growth in property and casualty reinsurance and operating margin of at least 10%.

Merck KGaA dropped 2.4% to 88.38 after Germany-based healthcare products maker said gross written premiums in the first-half ending in June dropped 2.1% from a year ago to 7.2 billion.

Net profit in the period plunged 38% to 588 million from 948 million in the same period a year ago and diluted earnings per share slumped to 1.35 from 2.18.

Merck reaffirmed fiscal 2018 net sales growth between 3% and 5% and operating profit in the range of 3.75 billion to 4 billion.

ThyssenKrupp AG slipped 1.5% to 21.13 after Germany-based industrial conglomerate reported net sales in the nine-month period ending in June jumped 2.4% from a year ago to 25.8 billion.

Net in the period swung to profit 230 million from a loss of 721 million in the same period a year ago and diluted earnings per share swung to 0.31 from diluted loss per share of 1.33.

The industrial conglomerate said as of June 30, total order in the period declined 5% to 31.1 billion.

ThyssenKrupp lowered fiscal 2018 operating profit forecast to about 1.8 billion from the earlier estimate of 1.8 billion to 2 billion.

Zurich Insurance Group AG rose 0.1% to 301 Swiss francs after Switzerland-based general and life insurer said revenues in the first-half ending in June increased 2.8% from a year ago to $25.9 billion.

Net profit in the period soared 20% to $1.8 billion from $1.5 billion in the same period a year ago and diluted earnings per share jumped to $11.97 from $9.97.

The insurer said strong profit was driven by lower expenses, improved underwriting in property and casualty businesses.


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