
France's Alstom tops market views on first-quarter sales
France's Alstom setting up its permanent representation here
Alstom, which makes trains and signalling systems for urban and regional rail networks, recorded sales of 4.51 billion euros ($5.29 billion), up 7.2% on an organic basis, while analysts had anticipated sales of 4.4 billion euros and organic growth of 5.3%, according to a Visible Alpha consensus.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
a day ago
- Business Recorder
Renault posts first-half loss of 11.2 billion euros
PARIS: Renault reported a first-half net loss attributable to the group of 11.19 billion euros ($12.78 billion) on Thursday, including a one-off 9.3 billion euros from writing down its investment in partner Nissan flagged earlier this month. Revenues at the French car maker came in at 27.6 billion euros, up 2.5% compared with a year earlier, helped by several new product launches, though its operating margin fell 2.1 percentage points to 6%. Renault lowered its annual forecast earlier this month after market conditions deteriorated, particularly in the commercial vehicle market. The group, whose sales volume growth slowed to 1.3% in the first half, now expects an operating margin of around 6.5% in 2025, compared with at least 7% previously targeted, and free cash flow of between 1.0 billion and 1.5 billion euros, compared with at least 2 billion previously anticipated. 'Our first-half results, in a challenging market, were not aligned with our initial ambitions,' said Francois Provost, appointed new CEO of the group late on Wednesday. 'Nevertheless, Renault Group's profitability remains a reference in our industry, and we are determined to maintain this standard,' he added in a statement. Excluding the impact related to Nissan, its net income attributable to the group reached 461 million euros.


Business Recorder
a day ago
- Business Recorder
SocGen lifts targets after French retail rebounds sharply
PARIS: Societe Generale, France's third-largest listed bank, raised its annual profit target on Thursday after a strong rebound in its French retail business lifted second quarter results above expectations. The French lender raised its 2025 return on tangible equity target, a key profitability measure, to around 9% from a previous goal of above 8%. It now expects its cost-to-income ratio, a key efficiency indicator, at below 65% this year versus a previous target of below 66%. The SocGen division that houses its core French retail business doubled its net earnings in the second quarter, driven by a 15% increase in net interest income. NII is the difference between what the bank earns on loans and pays on deposits. The rebound in the retail unit builds on momentum seen in the first quarter, as CEO Slawomir Krupa, who took the reins in 2023, presses ahead with turnaround efforts. Group net income jumped 31% to 1.45 billion euros ($1.66 billion) in the second quarter, compared to the same period last year, well above the 1.19 billion euros estimate of 15 analysts compiled by the company. Revenues over the period were up 1.6% to 6.79 billion euros, also beating analysts' average estimate. In addition, the bank announced an interim dividend of 61 euro cents per share to be paid in October. It plans a 1 billion euro share buyback in August. Cost cuts 'We remain fully focused on the precise and methodical execution of our 2026 roadmap to continue delivering sustainable and profitable growth for all our stakeholders,' Krupa said in a statement. The hard-driving company veteran was brought in to revive SocGen's shares after years of underperformance. He recently drew attention in France by urging staff to review remote working policies and spend at least four days a week in the office. Investor perception of the bank had long been hurt by repeated missed targets, the fallout from a rogue trading scandal during the 2008 financial crisis and a costly exit from Russia following the country's invasion of Ukraine. Krupa's plan, centered on reducing expenses, asset disposals, and strengthening the bank's capital, initially underwhelmed the market. But improved cost management has helped shares climb around 120% in the past year. SocGen's valuation, however, still remains well below its book value. The French lender's investment banking division, its largest, posted revenue in line with analysts expectations. Sales from trading in fixed income and currencies rose 7.3% to 615 million euros, trailing BNP Paribas's 27% jump. Equities trading revenue fell 2.9% to 962 million euros. SocGen's trading business benefited less from increased market volatility sparked by the wave of tariffs rolled out by US President Donald Trump than Wall Street peers and larger French rival BNP Paribas.


Business Recorder
a day ago
- Business Recorder
European shares close flat as investors weigh US tariff impact on earnings
FRANKFURT: European shares closed flat on Wednesday as investors weighed the impact of tariffs on corporate earnings after big companies including Adidas, Porsche and Aston Martin flagged potential US price hikes. Investors were eagerly awaiting the latest round of company outlooks, as these were the first quarterly reports issued since trade uncertainty overwhelmed markets. The pan-European STOXX 600 index was last at 550.24 points, with the auto sector the hardest hit during the day. Among European luxury carmakers, Porsche dropped 1.6% and Aston Martin slumped 10% after saying they were lifting prices on their cars exported to the US as a result of tariffs. Germany's Mercedes-Benz also slid 3.4% after the carmaker estimated a nearly $420 million tariff impact. Adidas also warned it may have to hike prices in the United States after reporting US tariffs would add around 200 million euros ($231 million) to costs in the second half. Shares of the sportswear brand plunged 11%. Still, analysts broadly expect corporate health to improve after the US and EU reached an agreement to reduce tariffs to 15% on EU goods, averting a broader trade war. 'My personal surprise is that (European companies) are adapting very quickly to this new context,' said Alberto Matellan, general manager of MAPFRE's French asset management subsidiary La Financiere Responsable. 'Maybe tariffs are the trigger to be quicker in adapting to a global shift that was going to happen anyway.' However, the levies were much higher than earlier this year, and duties on certain sectors such as beverages were still to be decided. The deal also had market participants reassessing their bets on European stocks after a bumper rally earlier in the year. Wall Street's S&P 500 has posted the biggest gains for the year, outperforming the STOXX 600. Meanwhile banks, which are less exposed to trade concerns, were up for a second day and hit their highest since early 2010. Swiss bank UBS rose 1.1% after reporting its second-quarter profit more than doubled from last year, while HSBC Holdings fell 3.8% on posting first-half pretax profit below estimates.