Intertek certifies its growth, LVMH loses its luster
Earnings season is officially underway, bringing its share of surprises. Intertek is soaring following the announcement of rising sales, while Eurofins and Stellantis are engaging in strategic rebalancing to reassure markets. Conversely, Scatec is suffering from a divestment by Equinor, and LVMH is attempting to limit the fallout.
Intertek (+12%): The inspection and certification services group jumped after reporting revenue of 838.5 million pounds sterling, up from 808.9 MGBP a year earlier. In tandem, the group announced a potential spin-off of its Energy and Infrastructure division from its testing and quality assurance operations.
Sika (+7%): The Swiss group is turning disruptions into opportunities. The company reaffirmed its 2026 guidance, even though first-quarter revenue fell 7% year-on-year, weighed down by currency headwinds.
Eurofins Scientific (+5%): Is selling its electrical and electronics testing business to UL Solutions for 575 MEUR. The disposal of MET Labs will allow the bio-analytical services provider to concentrate capital on its core testing activities.
Givaudan (+4%): The Swiss fragrance and flavor manufacturer reported a 2.8% increase in revenue, exceeding investor expectations. While the food ingredients business saw a decline, performance was driven by robust demand in the fragrance sector.
Stellantis (+3%): The group is set to exit Symbio, its fuel cell joint venture shared with Michelin and Forvia. This withdrawal, valued at 235 MEUR, is motivated by a lack of medium-term economic viability for the technology.
Novo Nordisk (+2%): The pharmaceutical group gained after announcing a partnership with OpenAI to bolster drug development and distribution through artificial intelligence.
Losers
Scatec (-6%): The solar specialist is losing the support of Equinor. The company is selling 12.9 million Scatec shares for 1.6 billion NOK, representing half of its total stake. The market views this as a clear sign of divestment.
Kitron (-6%): The electronics manufacturing services provider is suffering from a rating change by DNB Carnegie. The firm downgraded its recommendation to hold from buy, with a price target set at 103 NOK versus 102 NOK.
Imperial Brands (-5%): Despite the volatile situation in the Middle East, the group reaffirmed its growth forecasts. However, the company anticipates a slight overall erosion of its market share.
LVMH (-2%): Last night's earnings release triggered mixed reactions among investors. Sales figures declined due to the conflict in the Gulf, but results were nonetheless "less bad than feared" according to RBC Capital Markets.
LVMH Moët Hennessy Louis Vuitton SE is the world leader in luxury products. Net sales break down by family of products as follows:
- fashion and leather items (46.7%): brands such as Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, etc.;
- watches and jewels (13%): Bulgari, TAG Heuer, Zenith, Hublot, Chaumet, Fred brands, Tiffany, etc.;
- perfumes and cosmetics products (10.1%): perfumes (Christian Dior, Guerlain, Loewe, Kenzo, Givenchy brands, etc.), makeup products (Make Up For Ever, Guerlain, Acqua di Parma, etc.), etc.;
- wines and spirits (6.6%): champagnes (Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, Ruinart, Mercier, Château d'Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes brands, etc.; No. 1 worldwide), wines (Cape Mentelle, Château D'Yquem, etc.), cognacs (mainly Hennessy; No. 1 worldwide), whisky (mainly Glenmorangie), etc.;
The remaining net sales (23.6%) are from selective distribution through the Sephora, DFS, Miami Cruiseline chains and Le Bon Marché and La Samaritaine department stores.
At the end of 2025, products are marketed via a network of 6,283 outlets located throughout the world.
Net sales are distributed geographically as follows: France (8.3%), Europe (18%), Japan (7.9%), Asia (26.5%), the United States (25.6%) and other (13.7%).
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