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Premarket London: Rolls Royce Takes Another Hit From Trent 1000

Published 11/07/2019, 02:16 AM
Updated 11/07/2019, 02:19 AM
© Reuters.

Investing.com -- Here is a roundup of regulatory news releases from the London Stock Exchanges on Thursday, 7th November. Please refresh for updates.

  • Rolls-Royce (LON:RR) said it will take a charge of 1.4 billion pounds ($1.8 billion) against operating profit in its fiscal 2019 year in respect of necessary fixes to the Trent 1000 TEN engine and raised its estimate for total costs for fixes to 2.4 billion pounds (an increase of 400 million from previous guidance).

  • The aero engine maker now sees full-year profit and free cash flow at the lower end of its forecasts, despite improved trading in the third quarter.

  • CEO Warren East upheld the group’s longer-term goal of generating at least 1 pound per share of free cash flow annually.

    • Supermarket chain J Sainsbury PLC (LON:SBRY) raised its interim dividend by 6% to 3.3 pence per share despite a slump in net profit and a small miss in underlying earnings per share.

  • Like-for-like sales excluding fuel fell 0.2% in the fiscal second quarter, an improvement from a 1.6% drop three months earlier, thanks to a 3.3% rise in clothing and a 0.6% rise in grocery. Underlying earnings per share fell 16% to 7.9 pence, missing a forecast for 8.1p

  • It said the consumer outlook “remains uncertain” but upheld its forecast that profits would increase in the second half of its fiscal year ending March 2020.

  • Gambling group Flutter Entertainment (LON:FLTRF), the owner of Paddy Power , Betfair, and U.S. fantasy sports operation FanDuel, said third-quarter revenue rose 10% on the year, with solid increases in both sports and gaming revenue. U.S. revenue grew by 67%, driven in particular by sportsbook and casino.
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  • The company left its group 2019 EBITDA guidance excluding the U.S. unchanged at 420-440 million pounds. However, it raised its U.S. guidance, saying it would lose only 40-45 million at an EBITDA level, rather than the previous expectation of 55 million.

  • Hikma Pharmaceuticals (LON:HIK) reiterated its full-year guidance for 20198, with CEO Siggi Olafsson saying that “all three of our businesses continue to deliver good organic growth and profitability in line with our expectations.”

    • House builder Persimmon (LON:PSN) said total completed sales fell 6% on the year to 7,854 and said that it expects only a seasonal increase in the second half of its fiscal year.
    • Reservations fell to 950 million pounds from 985 million a year earlier.

  • Global Injectables revenue is seen in the range of $870 million to $900 million for the full year in 2019 with a core operating margin between 36% and 38%.

    • Defense group BAE Systems (LON:BAES) upheld its guidance for 2019, saying underlying earnings per share (excluding a one-off tax benefit) will grow by mid-single digit percent compared to the full year underlying earnings per share in 2018 of 42.9p.
    • BAE said it continues to target in excess of 3 billion of free cash flow over the three-year period 2019-2021, and expects 2019 net debt to be broadly unchanged from the end of last year.

  • House builder Persimmon (LON:PSN) said total completed sales fell 6% on the year to 7,854 and said that it expects only a seasonal increase in the second half of its fiscal year.
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  • Defense group BAE Systems (LON:BAES) upheld its guidance for 2019, saying underlying earnings per share (excluding a one-off tax benefit) will grow by mid-single digit percent compared to the full year underlying earnings per share in 2018 of 42.9p.

  • BAE said it continues to target in excess of 3 billion of free cash flow over the three-year period 2019-2021, and expects 2019 net debt to be broadly unchanged from the end of last year.

  • Reservations fell to 950 million pounds from 985 million a year earlier.

  • Generics revenue is seen closer to the top end of the guidance range of $690 million to $720 million with a core operating margin between 16% and 18%.

  • Revenue from branded products is expected to grow in the mid-single-digits, as previously indicated.

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