Home » Eni’s margins are running, EssiLux raises estimates. Bnp launches buy back

Eni’s margins are running, EssiLux raises estimates. Bnp launches buy back

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The key points

  • EssiLux raises estimates
  • The profits of BnpParibas are flying
  • For Daimler profit growth in the quarter

Eni closes the third quarter of 2021 with the Group’s adjusted operating profit of 2.49 billion, up 22% on the previous quarter, while in the nine months the adjusted EBIT soars to 5.86 billion, with an increase of 4.4 billion euros compared to the first nine months of 2020, + 315%. This was announced by the oil group in the note on the accounts for the third quarter.

“The excellent results of this quarter confirm the continuous growth trend of our economic and financial performance”, says Eni CEO Claudio Descalzi, commenting on the accounts of the third quarter. «Thanks to the performance of all our businesses – he adds – in the third quarter we generated 2.5 billion adjusted Ebit and an adjusted net profit of 1.4 billion, values ​​at the highest levels in recent years. Furthermore, in the first 9 months of the year, the strong cash generation and careful cost management make available over 4 billion of free cash flow, more than enough to cover the entire 2021 dividend and buyback ».

EssiLux raises estimates

In the third quarter Essilorluxottica also considering the contribution of GrandVision recorded a turnover close to 5.5 billion (+ 33% compared to 2019, the year before Covid, at constant exchange rates) and a comparable turnover up 9.3%: the figure exceeds analysts’ forecasts, equal to 5 billion. Consolidated cash generation is 2.3 billion in the first nine months of the year. “In light of the solid performance of the third quarter, EssilorLuxottica updates its guidance for the year 2021 – the company announces – which now aims at medium-high growth in turnover compared to 2019 and an increase of up to 100 basis points in the ‘adjusted operating profit’ excluding GrandVision.

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For the group, e-commerce is growing by about 50% and represents 8% of total turnover since the beginning of the year.

Consolidated revenues including EssilorLuxottica’s contribution from GrandVision (consolidated from 1 July, therefore only for the third quarter) amounted to € 14,241 million in the first nine months of the year. “On a comparable basis in the third quarter consolidated revenues amounted to 5,465 million and 15,918 million in the nine months, respectively up by 9.3% and 6.2% at constant exchange rates compared to the same periods of 2019”, explains the group. Essilux believes that “due to the effects of the COVID-19 pandemic, the comparison with 2020 data (both for the third quarter and for the nine months) is not relevant”. The improvement in the revenue growth estimate starts from a previous one that was ‘mid single digit’, while the increase of up to 100 basis points in adjusted operating profit is a percentage of revenue compared to 2019 at constant exchange rates.

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