It was a busy day with earnings on the Nordic Markets. The stocks were under pressure after corporate earnings from the day before had been chewed for a while. The news of Bank Of America being pressured to buy back bad loans turned Wall Street sharply to the red in late trading. Chinese rate hike was weighing in on stocks to begin with.
SKF overcame expectations in both sales (15,465 million SEK) and operating profit (2,309 million SEK). SKF was the star performer in a down day and ended the day still up over 10%. Yara International ASA also had a strong quarter. The result was in line with expectations, which was not quite enough for the market today as the stock lost 1.5%. It had been going up leading into the report.
Kone reported operating income of 184.8 million Euro for Q3 and raised its outlook for the full year. The stock closed at 37 Euro, up 2.5%. Componenta is still on the red everywhere else except in Turkey. Beijer Electronics posted a profit of 32 million Kronor. Copeinca seems to be finally starting to deliver on the optimistic guidance in the wake of quota restructuring in Peru and posted a result of 19 million USD.
Real estate firm Castellum reported before tax earnings of 1.393 Million Kronor. Medical equipment company Getinge’s result came in at 1.912 million. It was down 5% for the day. Modern Times Group MTG AB was also down 5% on improved but not quite improved enough to some earnings.
Tomra Systems reported its best margins to date but EU penalty of 226 million kept weighing in on the bottom line. Itera reported earnings of 3 million Kroner. Ruukki Group’s loss widened. Cloetta was still a bit on the red but says it is starting to see improved efficiency take effect. Autoliv bought 51% of Beijing Delphi Automotive; a Chinese joint venture.
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