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The net profit figure easily beat analyst estimates compiled by FactSet of
euro2.79 billion. Operating earnings, however, increased by a smaller 3.4 percent to
euro3.28 billion and fell short of expectations for euro3.29. Operating earnings exclude financial items such as interest and taxes and are sometimes considered to show a clearer picture of how a company's basic business is developing. Slower increases in operating earnings and the caution regarding Europe helped weigh on shares, which fell 3.6 percent to
euro124.20 in midday trading in Europe.
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