Marks & Spencer appoints new CFO
Marks & Spencer Group PLC MAKSY, +0.21% said Tuesday that Eoin Tonge has been appointed chief financial officer, succeeding current interim CFO David Surdeau.
The London-listed retailer said that Mr. Tonge will join the company in June.
Chief Executive Steve Rowe said that "Eoin’s appointment concludes a rigorous search for a world-class finance director," adding that he brings "in-depth knowledge of food, as well as strategy and operations."
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
China urges key industries to return to work
BEIJING–The Chinese government Tuesday asked key industries related to the national economy and the people’s livelihood to resume work immediately, which had been shuttered after Beijing extended the Lunar New Year holiday to contain the spread of the deadly coronavirus.
China’s current production of masks is at 76% of total capacity, Cong Liang, secretary general of the National Development and Reform Commission told reporters at a briefing.
"There are still a quarter of mask companies that have not resumed work yet," Ou Xiaoli, a director of social development at the commission said.
The official said that the government would help companies in the key industries to solve production problems, help them achieve full load and encourage them to operate 24 hours a day.
So far, grain production and processing is at 94.6% of total capacity, while coal mining was at 57.8% of total capacity, the official said.
Concerns over the spread of the epidemic due to the resumption of work was more, especially in provinces with large population movements, He Qinghua, an official with the National Health Commission said at the same briefing. He pointed out that the overall epidemic situation in provinces other than Hubei had shown a downward trend.
The officials said that they believed that factories would accelerate the resumption of work and production with the easing of the epidemic situation. The demand in the labor market would expand simultaneously, they said.
TechnipFMC warns of impairment impact
TechnipFMC PLC (FTI.FR) said late Monday in its preliminary results that revenue for the full year is expected to meet guidance and that it expects impairment charges to impact the fourth quarter.
The London-based oil-and-gas company said revenues are expected to reach its guidance midpoint of $13.5 billion in 2019. The adjusted earnings before interest, tax, depreciation and amortization margin for all of the company’s segments is expected to meet or exceed guidance, reaching at least 11.5% for subsea, 16.5% for onshore and offshore and 10% for surface technologies.
TechnipFMC said it expects around $2.4 billion of noncash asset-impairment charges to affect fourth-quarter results. It said impairments in the subsea and surface technologies segments are partly due to a decline in the company’s market capitalization and a challenging environment in North America, respectively.
For the full year, the company expects corporate expense in line with guidance excluding the impact of currency fluctuations.
TechnipFMC is scheduled to release its official results on Feb. 26.
Write to Giulia Petroni at [email protected]
Ams revenue and profit rises amid growth for 3D sensing unit
Ams AG said Tuesday that its revenue and adjusted profit rose year-on-year amid strong growth in its business for 3D sensing and advanced light sensing.
The Swiss technology company AMS, +4.00% reported adjusted profit of $158.9 million in the fourth quarter compared with $1.6 million year-on-year, with adjusted profit for the full year reaching $331.6 million from $11.8 million the previous year.
Revenue for the fourth quarter rose to $655.3 million from $476.5 million, with revenue for the full year rising to $2.09 billion from $1.58 billion.
The company reported adjusted earnings before interest and taxes for the quarter of $184.3 million compared with $60.1 million in the fourth quarter the previous year, while adjusted EBIT for the year increased to $433.4 million from $141.2 million.
Ams said it expects its business to “continue to perform well” in the first quarter of 2020, adding that it anticipates revenues in the first quarter of between $480 million and $520 million.
Daimler AG 2019 Profit Declines; Revenue Up 3% – Quick Facts
Daimler AG (DDAIF.PK) reported full year 2019 net profit attributable to shareholders of 2.4 billion euros compared to 7.2 billion euros, prior year. Earnings per share declined to 2.22 euros from 6.78 euros. Full-year EBIT was 4.3 billion euros compared to 11.1 billion euros, reflecting material adjustments including expenses from legal proceedings and related measures, restructuring measures and M&A transactions. Adjusted EBIT, reflecting the underlying business, was 10.3 billion euros, for the fiscal year.
Fiscal year revenue was 172.7 billion euros, an increase of 3%. Total unit sales were 3.34 million passenger cars and commercial vehicles compared to 3.35 million, last year.
For fiscal 2020, Daimler expects Group EBIT to be significantly above the level of 2019. Group revenue is anticipated to be stable at the level of 2019. Daimler projects Group unit sales slightly below the prior-year level.
The Board will propose a dividend of 0.90 euros per share at the AGM on April 1, 2020.
Air Liquide 2019 Profit Rises
Air Liquide (AIQUY.PK) reported that its net profit-group share for fiscal year 2019 was 2.242 billion euros, an increase of 6.1% as published and 6.7% excluding the application of IFRS 16.
Excluding the capital loss on the disposal of the Fujian Shenyuan units in 2019 and the non-recurring financial gain in 2018, recurring net profit Group share was up 11.1%.
The Group’s operating income recurring was 3.794 billion euros for 2019, a published increase of 10.0%, or 7.5% on a comparable basis.
Group revenue for 2019 was 21.920 billion euros, up 3.2% on a comparable basis. The Group’s published revenue growth was up 4.3% for 2019.
The company said it will propose a dividend of 2.70 euros per share at the next Annual General Meeting.