ROUNDUP: Munich Re earns significantly more than expected - shares top the DAX

MUNICH - Low major losses and good financial business have given Munich Re, the world's largest reinsurer, a brilliant start to the year. In the first quarter, the Munich-based Group earned around 2.1 billion euros - more than 40 percent of the targeted annual profit of 5 billion euros. CEO Joachim Wenning now considers it more likely that the Group will exceed its 2024 target, as Munich Re surprisingly announced in Munich on Tuesday. The news was well received on the stock market.

ROUNDUP: Cloud business drives SAP growth - share price rises

WALLDORF - SAP remains on course for growth thanks to high demand for cloud products for use over the network for a subscription fee. In the first quarter, Europe's largest software manufacturer increased its cloud sales by almost a quarter. This further acceleration of growth in the cloud underpins the transformation of the Walldorf-based company's business model, praised analyst Toby Ogg from the bank JPMorgan in an initial reaction. On the other hand, analysts and investors were not bothered by the fact that the sharp rise in the value of boron, of all things, is causing problems in terms of operating profit due to higher costs for the share-based remuneration programs. The share was in high demand on Tuesday as the leader of the DAX.

ROUNDUP: Novartis becomes more optimistic for 2024 after dynamic first quarter

BASEL - After a dynamic start to the year, the pharmaceutical company Novartis has raised its targets for 2024. In the first quarter, the Swiss drug manufacturer exceeded analysts' expectations, in some cases significantly. The figures and the new business outlook were correspondingly well received on the stock market: Novartis shares rose sharply in the morning and topped the leading Swiss SMI index with a recent gain of almost five percent.

Cost-cutting measures take effect: UPS does not perform as badly as feared

ATLANTA - After a weak start to the year, the US parcel service UPS is counting on an early recovery. The average number of daily shipments has already improved during the first quarter, said CEO Carol Tomé on Tuesday in Atlanta. She expects volumes and revenues to pick up again in the future and confirmed her forecast for the current year. Analysts had been concerned in advance that the targets set were too high. In addition, UPS performed better than the market had expected despite a significant decline in earnings in the first three months of the year. The share price rose sharply.

ROUNDUP: Aviation group RTX makes significant gains despite engine recall

ARLINGTON - Despite the costly recall of thousands of Airbus jet engines, the aviation and defense group RTX has made a better start to the year than expected. In the first quarter, the group achieved a turnover of 19.3 billion US dollars (18.1 billion euros), twelve percent more than a year earlier, as it announced in Arlington on Tuesday. The surplus grew by a fifth to 1.7 billion dollars.

Spotify makes a profit again - customers unimpressed by price increases

STOCKHOLM - Spotify has returned to profit in the first quarter. The company benefited from thousands of job cuts and price increases for its music offering. Despite higher prices, more people subscribed to the streaming service's paid offering in the first quarter of 2024. The number of so-called premium users rose by 14 percent year-on-year to 239 million, as the company announced in Stockholm on Tuesday. Spotify had a total of 615 million monthly active users, almost a fifth more than at the end of March 2023. Analysts had expected slightly more on average.

Carmaker GM raises forecast thanks to strong home market

DETROIT - Following a stronger than expected first quarter, car manufacturer General Motors (GM) is more optimistic about the current year. The US group continues to benefit from robust demand for pick-up trucks and SUVs in its home market. In contrast, GM is struggling with problems in the important Chinese business, where domestic manufacturers are increasingly stealing market share from US and European competitors. And things are not going well in other parts of the world either.

Pepsico has an unexpectedly good start to the year despite difficulties

PURCHASE - The US beverage and snack company Pepsico has surprisingly started the year with a small increase in sales and has also performed better at the profit level than the market had expected. According to a statement on Tuesday, the manufacturer made significant gains, particularly in its business in Latin America. This enabled Pepsico to cushion the slump in business at its oatmeal brand Quaker Oats in North America, which recently had to contend with product recalls. In the domestic market, Pepsico also achieved slightly higher sales of soft drinks and snacks under its Frito Lay brand. The share price initially showed little movement.

ROUNDUP: Hamborner Reit starts the year with profit growth - index rents help

DUISBURG - The commercial real estate specialist Hamborner Reit has earned slightly more in the first quarter thanks to increased rental income. As the company, which is listed in the second-line stock index SDax, announced in Duisburg on Tuesday, the key operating figure funds from operations (FFO), which is important in the real estate sector, increased by 2.6 percent year-on-year to EUR 14 million in the first three months. The Group confirmed its forecasts for 2024. The quarterly presentation was well received by investors.

ROUNDUP/Revival in the real estate market: Hypoport earns more again

BERLIN - Following the slump in the real estate market, things are looking up again for the financial services provider Hypoport. According to preliminary figures, the Company generated revenue of €107 million in the first quarter, 15 per cent more than a year earlier, as it announced in Berlin on Monday evening. Earnings before interest and taxes (EBIT) even jumped from 0.8 to 4.3 million euros. This was mainly due to significantly better business with private real estate loans, it added. The news was well received on the stock market on Tuesday.


Further news

-ROUNDUP: Early Easter vacations and economic uncertainty weigh on Amadeus Fire

-Renault increases sales and exceeds expectations

AB Foods benefits from growth at low-cost fashion retailer Primark

-ROUNDUP: Tesla on the verge of setting an important course after decline in deliveries

-Boeing: Parts bottlenecks slow down expansion of 787 production

-Press: Apple and FIFA close to TV rights deal for 2025 Club World Cup

-ROUNDUP/Price increase feared: Lawsuit against merger of Coach and Michael Kors

-Meta opens VR operating system to other manufacturers

-IEA: Chinese imports could push down e-car prices in Europe

-AVM and Huawei settle patent dispute over Fritzbox WLAN

-OHB boss praises 'land of microlaunchers'

-Machine manufacturers less affected by product piracy

-ROUNDUP: Pharmacy network continues to thin out

-ROUNDUP: Adidas and Nike argue about stripe design - 'Are they allowed to do that?

-RTL wants to take over German free TV children's channel Nickelodeon

-Decline in sales at Stihl depresses turnover and number of employees

-Furniture manufacturer Hülsta threatens to cease operations

-ROUNDUP: IG BAU accepts arbitrator's ruling and threatens to strike

-Opel ramps up production for new electric model in Eisenach°

Customer tip:

ROUNDUP: You can read a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.