Additional European Equity News

A.P. Moeller-Maersk (MAERSK DC) - Q1 (USD) Revenue 14.21bln (14.54bln), EBITDA 3.97bln (ex. 3.55bln); Q1 expected to be the best quarter of the year. Maintain FY container volume forecast; guidance unchanged. Q1 profit decreased due to lower volumes, increased cos base as logistics/services continues to scale for growth. More normal business environment expected in H2. (Newswires)

BAE Systems (BAE LN) – Trading Update: Trading thus far in-line with expectations. FY23 guidance unchanged from prelim. announcement on 23rd February. (Newswires)

Casino (CO FP) - Q1 (EUR): Revenue 5.4bln, +1% YY; Net Debt 5.1bln. Total France net sales 3.59bln, -4.6% YY in same-store growth. (Newswires)

Credit Suisse (CSGN SW) - Credit Suisse AT1 Holders in Asia add to claims over wipeout. (Newswires)  

GlaxoSmithKline (GSK LN) - US FDA approves GSK’s Arexvy, the world’s first respiratory syncytial virus (RSV) vaccine for older adults. (GSK)

Hiscox (HSX LN) – Q1 Update: Claims performance in-line with expectations. Retail insurance contract written premiums +6.5%, insurance contract +7.4%. (Newswires)

Hargreaves Lansdown (HL LN) - Q3 Update (GBP): Revenue 188mln, +28%; net new business 1.6bln, +14%; new clients 23k (prev. 31k). (Newswires)

Hugo Boss (BOSS GY) - Q1 2023 (EUR): Revenue 968mln (Exp. 879mln). EBIT 65mln (exp. 60mln). Co. raises its FY EBIT forecast and revenue forecasts whilst noting of a strong performance. Co. also noted of a significant uptick in consumer sentiment in China. (Newswires) Shares seen +2%.

Legrand (LEG FP) – Q1 (EUR): Sales 2.15bln (exp. 2.08bln), adj. Operating Profit 477mln (exp. 428mln). FY23 guidance unchanged (Newswires)

Mondi (MNDI LN) – Q1 (EUR): EBITDA from Cont. Ops. 351mln. Good progress on executing pipeline of expansionary capital projects. (Newswires)

Next (NXT LN) – Trading Update: Q1 full price sales -0.7% YY (exp. -2.0%). Maintaining sales/profit guidance for FY, as although Q1 was better believe it is to early to alter overall expectations. (Newswires)

Novo Nordisk (NOVOB DC) – Q1 (DKK): Sales 53.4bln (exp. 51.5bln), Operating 25bln, Net Income 19.8bln (exp. 18.9bln). (Newswires)

UniCredit (UCG IM) - To use EUR 300mln in restructuring charges to fund voluntary exits, after receiving near 2k requests in 2022 of which less than 50% were met, via Reuters citing sources. (Newswires)

Rheinmetall (RHM GY) – Q1 (EUR): Revenue 1.4bln (prev. 1.3bln), Operating 73mln (prev. 92mln). Confirms FY23 guidance for sales and operating margin. (Newswires) -4.6% in pre-market trade

Shell (SHEL LN) - Q1 2023 (USD): Adj. profit 9.65bln (exp. 8.14bln), Adj. EBITDA 21.43bln (exp. 18.82bln), Adj. EPS 1.39 (exp. 1.22). announces a USD 4bln share buyback. Dividend 0.28/shr (exp. 0.29/shr). Oil & gas output 2.9mln BOEPD (exp. 2.9mln BOEPD). Adj. profits 44.5bln (exp. 42.5bln). Production 1.877mln BPD (prev. 1.859mln BPD Y/Y), and sees Q2 2023 lower between 1.6-1.8mln BPD. Q1 2023 Adjusted Earnings were impacted by one-off tax charges.2023 cash capex outlook is unchanged.(Newswires/ Shell)

SES (SES SS) – Q1 (EUR): Revenue 490mln, +9.6% YY; adj. EBITDA 265mln, -3.2%; adj. Net 64mln (prev. 88mln). (Newswires)

Skanska (SKAB SS) – Q1 (SEK): Revenue 34.9bln (exp. 36.3bln), Operating Income 400mln, EPS 1.04 (exp. 2.13). (Newswires)

Technip Energies (TE FP) - Q1 2023 (EUR): Revenue 1.41bln (prev. 1.62bln Y/Y). Net 80mln (prev. 72.5mln). Co. affirms its FY revenue guidance. (Newswires)

Telecom Italia (TIT IM) - Board meeting at 11:00BST to approve the response to bids for the TIM grid. (Newswires)

Veolia Environnement (VIE FP) - Q1 2023 (EUR): Revenue 12bln (exp. 10.5bln). EBITDA 1.57bln (prev. 1.46bln). Organic revenue +19.9% Y/Y, LFL EBITDA +8%. (Newswires)

Volvo Car (VOLCARB SS) - Stepping up cost efficiency initiatives for long-term sustainable growth. Around 1.1k employee positions to be reduced at the main global operating unit; estimated will reduce a total 1.3k positions for office-based employees. (Newswires)

Teleperformance (TEP FP) Downgraded to Equal Weight from Overweight at Morgan Stanley

04 May 2023 - 07:07- EquitiesEconomic Commentary- Source: Newsquawk