Alpiq Shares Gain Most in a Month on CFO Change: Zurich Mover
Alpiq Holding AG (ALPH) gained the most in a month after reporting a decline in revenue that was smaller than analysts expected and naming a new chief financial officer.
The shares climbed as much as 4.3 percent and were 4.1 percent higher at 139.30 Swiss francs as of 12:11 p.m. in Zurich. The power-generator’s stock has declined 18 percent this year giving the company a market value of about 3.8 billion francs ($4 billion).
First-half revenue fell 4.3 percent to 6.78 billion francs, Alpiq said. That beat estimates, helped by a strong hydraulic power market in Switzerland, Sven Bucher, an analyst at Zuercher Kantonalbank, wrote in a research note.
“The core business has developed relatively strongly despite the adverse market conditions,” Bucher said.
Alpiq said it will appoint Patrick Mariller, 45, as the company’s new CFO as of Oct. 1 to replace Kurt Baumgartner, 63, who is retiring. Incoming Chief Executive Officer Jasmin Staiblin will take over on Jan. 1, joining from ABB Ltd. (ABBN) where she was head of the power-transformer maker’s Swiss business.
Alpiq is in the midst of a restructuring after starting a cost-cutting initiative in November. It has sold 500 million francs of assets, streamlined the organization to make 100 million francs in annual savings, and decided to pull out of the retail business in Spain and Italy by the end of this year, Alpiq said.
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