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Volkswagen – Volkswagen 2Q Profit In Line; Reiterates FY Margin Forecast
• Volkswagen 2Q oper profit EU3.49b, est. EU3.48b.
• Rev. EU56b, est. EU54b
• Still sees Group operating return on sales 5.5%-6.5%
Bayer – Earnings Beat Estimates on Xarelto, Consumer Brands
Bayer AG’s second-quarter earnings beat analysts’ estimates, helped by the blood thinner Xarelto and the addition of Merck & Co.’s consumer-health business.
Barclays – Quarterly Profit Meets Estimates as Cuts Speed Up
Barclays Plc Chairman John McFarlane said he will step up the pace of cuts at the British lender as it reported second-quarter profit that matched analysts estimates.
Pretax profit, including restructuring costs, rose to 1.85 billion pounds ($2.9 billion) from 1.7 billion pounds in the year-earlier period, Barclays said in a statement on Wednesday. That was in line with the 1.8 billion-pound average estimate of five analysts compiled by Bloomberg.
Peugeot – First-Half Earnings Surge on Car Pricing Improvement
PSA Peugeot Citroen’s first-half earnings more than tripled, exceeding analysts’ predictions, as Europe’s second-biggest carmaker tightened control on spending and sold more autos at higher prices in its home region and Asia.
Recurring operating income surged to 1.42 billion euros ($1.57 billion) from a restated 387 million euros a year earlier, Paris-based Peugeot said in a statement Wednesday. Profit beat the 1.07 billion-euro average of five analyst estimates compiled by Bloomberg. Net income totaled 571 million euros, the first time Peugeot has been profitable at that level since the first half of 2011.
LVMH 1H ‘Rock Solid,’ Better Quality Than Kering, JPMorgan Says
LVMH’s 1H results were “rock solid,” another significant beat vs ests. in the luxury industry after Kering, JPMorgan says in note (overweight).
• 2Q organic sales up 9% sharp pickup vs past qtr; all units beat ests., most important Fashion & Leather +10%
• Results better quality than Kering, which included 1-off discounted sales that helped rev.
• Results should boost sector in which mkt has been “lukewarm,” sector should continue to gain
Good day and happy trading!
Kristian Camenzuli
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