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☆ Bayer beats Q3 profit forecast on strong herbicide sales
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

The German company said in a statement third-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 17.3% to 2.45 billion euros ($2.45 billion), above analysts' average estimate of 2.31 billion euros posted on the company's website. It said at that time it was targeting adjusted EBITDA of about 13 billion euros, based on June 30 foreign exchange rates, up from 11.2 billion in 2021. The crop science division saw adjusted EBITDA gain 33.5% to 629 million euros, beating a market consensus of 589 million euros, as a strong herbicides business more than offset weaker corn and soy seed sales. Its best-selling drug Xarelto saw sales decline 6.2% to 1.11 billion euros in the quarter, slightly below market estimates, on lower prices and volumes in China as well as loss of patent protection in Brazil. Revenues from anti-blindness treatment Eylea rose 6.3% to 811 million euros, gaining prescriptions in Europe and China, but also came in slightly below expectations.

☆ Duty-free retailer Dufry expects jump in 2022 turnover on strong demand
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Swiss duty-free retailer Dufry (DUFN.S) said on Wednesday it expects a sharp rise in 2022 turnover, citing strong demand across its markets as it reported a nearly 57% jump in third quarter sales. The company, which operates in over 60 countries with around 2,200 shops globally, forecast full-year turnover of 6.6 billion to 6.7 billion Swiss francs ($6.6 billion-$6.7 billion) and core earnings of 560 million-580 million francs. The retailer - which introduced the new metric of core earnings before interest, taxes, depreciation and amortisation in August - posted turnover of 3.915 billion Swiss francs in 2021. "We continue to see strong demand during the third quarter 2022 at attractive margins," Chief Executive Officer Xavier Rossinyol, who took over the role in June, said in a statement. The group reported a turnover of 2.12 billion Swiss francs for the third quarter, up 56.7% in reported growth from a year earlier but 15% below 2019 pre-pandemic level.

☆ Maersk sees container demand slowing as recession looms
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Shipping containers are transported on a Maersk Line vessel through the Suez Canal in Ismailia, Egypt July 7, 2021. REUTERS/Amr Abdallah Dalsh/File PhotoSummarySummary Companies Q3 underlying EBITDA $10.86 bln vs forecast $9.78 blnSees container demand falling 2-4% this yearOSLO, Nov 2 (Reuters) - Shipping group Maersk (MAERSKb.CO) warned on Wednesday of slowing demand for transport and logistics as a global recession looms and cut its forecast for container demand this year, even as it beat third-quarter earnings expectations. Maersk now sees global container demand falling by 2% to 4% this year, citing an unfolding economic slowdown expected to continue into 2023. Reuters GraphicsSkou told Reuters in September he expected ocean freight volumes to be flat or lower this year, though congestion persists in ports and global supply chains. The company repeated it expects underlying EBITDA of around $37 billion this year.

☆ China's CIFI suspends all offshore debt payments, starts restructuring
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, Nov 1 (Reuters) - Shanghai-based property developer CIFI Holdings (0884.HK) said on Tuesday it has suspended payments on all of its offshore debt after it failed to reach an agreement with creditors to which it owes $414 million in total. CIFI said in a filing it has engaged Haitong International Securities Company Limited as financial advisor and Linklaters as legal adviser to facilitate a restructuring of its $6.85 billion offshore debt, as it is likely to come under continued pressure to generate sufficient cash flows for repayments. CIFI and Longfor had borrowings of 114 billion yuan ($15.61 billion) and 212 billion yuan, respectively, as of June, and Greenland had 122 billion yuan. But it added its offshore debt issues do not materially affect its onshore financing arrangements as a whole and that its commercial operations remain normal. CIFI said on Oct. 13 it had not met certain offshore interest and amortisation payments due to delays in remittances during an extended holiday in mainland China.

☆ AB InBev raises 2022 outlook as beer sales accelerate
▼ + stars: | 2022-10-27 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +3 min

SummarySummary Companies Q3 core profit up 6.5% vs market consensus 5.2%AB InBev says beer market resilientHeineken, Carlsberg voice concerns over European consumersBRUSSELS, Oct 27 (Reuters) - Anheuser-Busch InBev (ABI.BR), the world's largest brewer, reported higher-than-expected quarterly earnings on Thursday as beer sales accelerated, and raised its 2022 outlook to the top-end of its previous forecast range. Third-quarter core profit - earnings before interest, tax, depreciation and amortisation - rose 6.5% on a like-for-like basis to $5.31 billion, above the 5.2% climb forecast by analysts in a company-compiled poll. The company said it now expects its core profit to rise by between 6% and 8%. EUROPEAN CONSUMER PINCHAB InBev's largest rivals, far more reliant on Europe, gave a more cautious view of the beer market. For it and Heineken, Europe represented at least 50% of their third-quarter business, against less than 15% for AB InBev.

☆ Telenet earnings miss estimates as inflation, lease payments weigh
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Belgian telecoms company Telenet's (TNET.BR) third-quarter core earnings missed expectations on Thursday, weighed down by the soaring inflation, high energy prices, and tower-related lease payments. The group reported adjusted earnings before interest, taxes, depreciation and amortisation and after leases (EBITDAal) of 312.7 million euros ($314.9 million) for the three months to Sept. 30, up 1% year-on-year, or 4% on a rebased basis. This came below analysts' median estimate of 320.7 million euros in a company-compiled poll. Telenet has been reporting EBITDAal as one of its key metrics since the second quarter of this year to reflect tower-related lease payments following the sale of its mobile tower business to Digital Bridge. Its revenue came in at 660.5 million euros, above analyst expectations of 652.6 million euros.

☆ Heineken cautious as Europe's beer drinking starts to slow
▼ + stars: | 2022-10-26 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

The maker of Europe's top-selling beer Heineken, along with Sol and Tiger lagers said beer volumes rose by 8.9% on a like-for-like basis in the third quarter, with the strongest increase in Asia, but compared with the 12.0% average market expectation. RBC Capital Markets, which has an 'underperform' rating for Heineken, said Europe's 1.3% sales increase clearly missed expectations. Heineken reported a 68% increase in its beer sales in the Asia-Pacific region in the July-Sept period, a year on from COVID-19 lockdowns, notably in its main Asian market Vietnam. Unlike in other regions, beer sales in Europe remain below 2019 levels. Heineken said pressure on disposable income was in part to blame for a decline in sales in Nigeria, although its premium beer sales rose by more than a third.

☆ U.S., Brazil boost Iberdrola's profit, offset Spanish woes
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

The company reported a net profit of 3.1 billion euros ($3.09 billion) for the January-September period and said geographical diversification allowed it to maximise growth and benefit from positive currency swings. In Spain, however, net profit fell by 14%, hampered by summer droughts, Iberdrola said. Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped by 17% to 9.53 billion euros. Iberdrola reiterated a forecast for an annual net profit of between 4 billion and 4.2 billion euros. ($1 = 1.0033 euros)Reporting by David Latona; editing by Inti Landauro and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Dutch telecom KPN targets 'slight' earnings growth in 2023
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Dutch telecom company KPN NV (KPN.AS) on Wednesday confirmed its 2022 outlook as its third-quarter earnings beat expectations, and said it expected "slight" growth in core earnings next year as it works to offset inflation, especially in energy. The largest telecom provider in the Netherlands had previously said it targeted adjusted earnings before interest, taxes, depreciation and amortisation and after leases (EBITDAAL) of more than 2.40 billion euros ($2.39 billion) this year, and of more than 2.45 billion in 2023. European power costs have surged in the past year, driven by record gas prices as Russia curbed supply to Europe. He added the group had given its employees a one-off payment to help them cope with the rising cost of living. KPN reported adjusted EBITDAAL of 618 million euros ($616 million) for the three months ended Sept. 30, beating the 611 million euros expected by analysts in a company-compiled poll.

☆ Telenor Q3 gets surprise boost from one-off gain in Pakistan
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Dented by soaring inflation and intense competition, the company's shares have lost 35% year-to-date, closing at a 10-year low on Tuesday. "However, the negative effects are, this quarter, countered by a reversal of SIM tax provision in Pakistan." The one-off gain could help Telenor meet its annual goal of unchanged profit versus last year, it said. The group maintained its investment forecast for the year, predicting capital expenditure would amount to 16-17% of sales, and reiterated that service revenue would see "low single-digit growth". "We see positive trends for mobile service revenue in the Nordic region, with a growth of 4% in the third quarter," Brekke said.

☆ Telecoms group Orange says Spain returned to growth in Q3, confirms targets
▼ + stars: | 2022-10-25 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe group confirmed its full-year targets, including a growth in core operating profit between 2.5% and 3%. Sales in Spain, Orange's second-biggest market, returned to growth for the first time since the first quarter of 2019, gaining 0.2% in the third quarter, in contrast with analysts' expectations of a fall of 2.8% over the period. Group revenues for the three-month period ending on Sept. 30 rose by 1% on comparable basis to 10.8 billion euros, slightly above expectations. Orange will lay out its next strategic plan when it reports full-year results on Feb. 16 next year. ($1 = 1.0129 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Norsk Hydro Q3 beats forecast, outlook more uncertain
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

OSLO, Oct 25 (Reuters) - Norwegian aluminium producer Norsk Hydro (NHY.OL) posted third-quarter profits well above expectations on Tuesday as high metal prices continued to boost returns, but said its outlook was more uncertain amid high inflation and weaker global growth. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 9.72 billion Norwegian crowns ($926.02 million) in July-September from 7.22 billion a year earlier, beating an average analyst forecast of 7.84 billion. While global production of the light-weight metal, used in packaging, transport, construction and electronics, is expected to lag consumption this year, the worldwide supply of aluminium looks set to slightly outstrip demand in 2023, Hydro said. Aluminium prices on the London Metal Exchange rose sharply in early 2022, hitting record highs above $4,000 a tonne, but have since fallen to trade at $2,178 on Tuesday. ($1 = 10.4965 Norwegian crowns)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Klesty and Terje Solsvik, editing by Stine Jacobsen and Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Covestro cuts profit outlook again on rising energy, raw material costs
▼ + stars: | 2022-10-25 | by ( Bartosz Dabrowski | ) www.reuters.com time to read: +2 min

The company's shares were down around 2% by 0810 GMT after it said it was only able to offset the sharp rise in raw material and energy prices to a small extent by higher prices. The group, whose main products include foam chemicals used in mattresses, car seats and insulation for buildings, sees full-year earnings before interests, taxes, depreciation and amortisation (EBITDA) in a range of 1.7 billion euros and 1.8 billion euros ($1.7 billion-$1.8 billion), compared with a previous forecast of 1.7 billions euros-2.2 billion euros. Register now for FREE unlimited access to Reuters.com RegisterIt lowered its free operating cash flow (FOCF) forecast to a range of 0 and 100 million euros from a previous range of 0 to 500 million euros. Covestro said third-quarter EBITDA fell 65% to 302 million euros, below the analysts' average estimate of 320 million euros in a company-provided poll. Chemical companies are among the hardest hit by the energy crisis because they use gas both as a raw material for production and as an energy source.

☆ Philips to cut 5% of its workforce after medical equipment recall
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 24 (Reuters) - Dutch medical equipment maker Philips (PHG.AS) said on Monday it expected to scrap around 4,000 jobs as it tried to streamline its organisation after a massive recall slashed around 70% off its market value in the past year. "My immediate priority is to improve execution so that we can start rebuilding the trust of patients, consumers and customers," Jakobs said in a statement. The cuts represent just over 5% of the company's workforce based on last year's total of 78,000. The company said it expected the reorganisation to cost around 300 million euros ($295.41 million) in the coming quarters. As flagged in a profit warning earlier this month, Philips said its adjusted earnings before interest, taxes and amortisation (EBITA) had tumbled 60% in the third quarter, to 209 million euros.

☆ Telia cuts outlook as soaring energy costs eat into profit
▼ + stars: | 2022-10-21 | by ( Supantha Mukherjee | ) www.reuters.com time to read: +2 min

Electricity prices have hit record levels in Europe after Russia's invasion of Ukraine and a fall in nuclear power production in several countries. Telia, which operates in the Nordic and Baltic countries, has hedged expects electricity costs to go up by 600 million crowns from 2.2 billion in 2022. Despite higher energy costs, quarterly core earnings were broadly in line with market expectations as Telia's business grew in all its markets for the first time in a decade. Third-quarter adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) rose to 8.07 billion Swedish crowns from 7.74 billion a year ago, while analysts had expected 8.13 billion crowns, according to a company-provided poll. In the latest quarter, the company saved 100 million crowns in costs.

Voucher and card providers like Edenred stand to benefit from higher inflation as it can result in an increase in the maximum face value of employee benefit cards. The company last raised its EBITDA forecast in July to 770-820 million euros. "The current macroeconomic environment continues to favour Edenred", Berenberg's analyst Stuart Gordon says, adding he expects the shares to trade favourably on the back of the strong results and raised guidance. The group reported an operating revenue of 484 million euros in the third quarter, beating analysts' 465 million euro estimate in a company-provided consensus. Register now for FREE unlimited access to Reuters.com RegisterReporting by Federica Mileo and Diana Mandiá in Gdansk; editing by Milla Nissi & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Yara to pay extra dividend as earnings soar above expectation
▼ + stars: | 2022-10-20 | by ( Victoria Klesty | ) www.reuters.com time to read: +3 min

But he told Reuters that Yara has no immediate plans to restart the curtailed production even though European spot gas prices have fallen steadily in recent weeks. "What we have seen with Yara in recent years is that they can get a superprofit from buying ammonia and upgrade it - high gas prices have been advantageous for Yara because they have such good flexibility," he said. Weighed down by soaring energy prices, Yara in August said it had slashed capacity utilisation at its European ammonia plants to just 35%, raising questions about the continent's ability to produce enough fertiliser for its crops. Yara said it expects to pay $540 million more for natural gas in the fourth quarter than a year earlier. Fertiliser prices have risen sharply over the past year, tracking higher energy costs.

☆ Akzo Nobel suspends 2023 outlook due to macroeconomic headwinds
▼ + stars: | 2022-10-20 | by ( ) www.cnbc.com time to read: +1 min

Dutch paints and coatings maker Akzo Nobel has suspended its 2023 core profit outlook, citing macroeconomic turbulence which is negatively affecting consumer confidence. The Amsterdam-based group, which makes the Dulux and Flexa paints and supplies to sectors ranging from aerospace to yachts, said several markets are expected to experience disruptions. Akzo Nobel, which had previously forecast to reach earnings before interest, taxes, depreciation and amortisation (EBITDA) of 2 billion euros ($1.96 billion) in 2023, said it would provide further guidance when it announces full-year results. The company posted a third-quarter adjusted operating income excluding the retrospective impact of hyperinflation accounting at 201 million euros, within the 195-215 million euros range it had guided for in September. Analysts in a Vara Research poll had on average estimated it to come in at 195.8 million euros.

A Just Eat delivery man rides his bicycle in Nice amid the coronavirus disease (COVID-19) outbreak in France, February 16, 2021. The group last posted an underlying profit in the second half of 2020, said Clement Genelot, analyst at Bryan Garnier. Shares in the company see-sawed in early trade as investors weighed the return to profitability against concerns about falling orders. As part of the cost cutting measures, Groen said the company has introduced a hiring freeze. Just Eat is looking to expand its networks to include deliveries of other products and is currently exploring a number of pilot schemes, Groen said.

A Just Eat delivery man rides his bicycle in Nice amid the coronavirus disease (COVID-19) outbreak in France, February 16, 2021. REUTERS/Eric Gaillard/File PhotoOct 19 (Reuters) - Just Eat Takeaway.com (TKWY.AS), Europe's largest meal delivery company, said on Wednesday it made an underlying profit in the third quarter, sooner than expected, after cutting expenses on delivery costs and operations. The group said in September it expected to have positive earnings before interest, taxes, depreciation and amortisation (EBITDA) in the second half of the year. The company will hold an extraordinary shareholders meeting on Nov. 18 to vote on the deal worth $1.8 billion, it said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Diana Mandiá and Dagmarah Mackos; editing by Josephine Mason and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Sartorius shares drop as it tempers 2022 revenue ambitions
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

"We are specifying our full-year outlook for 2022 within the range projected so far, but the global political and economic uncertainties remain high," said Chief Executive Joachim Kreuzburg. Orders were below expectations, analysts at JP Morgan said, adding that was "unlikely to reduce lingering concerns over the outlook for 2023". Analysts on average expect 4.7 billion euros in sales next year, a year-on-year gain of about 12%, according to Refinitiv data. Sartorius has projected roughly 10% annual sales growth through 2025, or about 14% when excluding the expected drop in business related to the coronavirus as drugmakers embrace new high-tech methods such as mRNA, cell therapies and more complex therapeutic proteins. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 21.4% to 1.05 billion euros in the first nine months, broadly in line with market expectations.

☆ China's CIFI misses offshore interest payments due to remittance delay
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Oct 13 (Reuters) - Shanghai-based property developer CIFI Holdings (0884.HK) said in a Thursday filing it did not meet certain offshore scheduled interest and amortisation payments due to delay in remittance during an extended holiday in mainland China. Analysts said the debt is a HK$2.5 billion ($319 million) convertible bond with an interest payment due on Oct. 8. Shares of CIFI slid 8.6% as of 0558 GMT, and Country Garden lost 7.8%. CIFI said in its filing conversations with its creditor groups were constructive and progressing towards consensual solutions. ($1 = 7.8493 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Clare Jim; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Philips shares slump on profit warning and sleep apnea device writedown
▼ + stars: | 2022-10-12 | by ( Bart H. Meijer | ) www.reuters.com time to read: +3 min

Shares were down 9% at 0750 GMT at 14.13 euros, hitting their lowest level since June 2012. In its second profit warning of the year, Philips said third-quarter core profit would drop around 60%, as ongoing supply chain problems had pushed down comparable sales by around 5%. This was expected to have limited adjusted earnings before interest, taxes and amortisation (EBITA) to 210 million euros in the third quarter, down from 512 million euros a year before. RECALL HITS SLEEP BUSINESSPhilips last year shocked investors by recalling 5.5 million ventilators used to treat sleep apnoea, over worries that foam used in the machines could become toxic. "Details of the consent decree have not been fully negotiated at this time," Van Houten said in a call with analysts.

☆ Philips expects profit to drop with $1.3 bln hit to sleep business
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 12 (Reuters) - Dutch health technology company Philips (PHG.AS) said on Wednesday its third-quarter core profit would drop around 60%, and it flagged a charge of 1.3 billion euros ($1.26 billion) on the value of its plagued sleep and respiratory care business. In a trade update, Philips said its comparable sales fell around 5% in the third quarter, as supply chain problems remained bigger than the company had anticipated. This was expected to have pushed adjusted earnings before interest, taxes and amortisation (EBITA) down to 210 million euros, or around 5% of sales, Philips said. Register now for FREE unlimited access to Reuters.com RegisterAdjusted EBITA was 512 million euros in the third quarter of 2021. Philips will publish its full third-quarter results on Oct. 24.

☆ Gazprom says group's first half core earnings more than doubled to $53 billion
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

The logo of Gazprom is displayed on a screen during the Saint Petersburg international gas forum in Saint Petersburg, Russia September 15, 2022. REUTERS/Anton VaganovMOSCOW, Sept 27 (Reuters) - Russian gas giant Gazprom Group's (GAZP.MM) earnings before interest, taxes, depreciation and amortisation more than doubled in the first six months of the year to 3.05 trillion roubles ($52.54 billion), the company said on Tuesday. It also said its average exporting gas price rose more than 3.5 times in the same period of this year. Gazprom reported last month that it made a record 2.5 trillion roubles in net profit in the first half of 2022 and its board recommended paying interim dividends after skipping the annual payout for the first time since 1998. read more($1 = 58.0500 roubles)Register now for FREE unlimited access to Reuters.com RegisterReporting by Reuters; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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