Melrose Industries Says 4-month Trading Ahead Of Expectations

Melrose Industries Plc (MRO.L), a British manufacturing company, said on Wednesday that its trading for the four-month period to April 30 was better than its expectations with significant growth in revenue, profit, and margin being achieved.

For the first four month period of 2023, revenue rose by 19 percent, from the same period of 2022, with Engines showing the fastest momentum, up 28 percent, and Structures up 14 percent.

Looking ahead, for full year 2023, Melrose expects adjusted EBITDA of 495 million pounds – 515 million pounds, on revenues of 3.35 billion pounds – 3.45 billion pounds.

Simon Peckham, Chief Executive of Melrose, said: “Aerospace has huge embedded value and an EBITDA of 1 billion pounds is achievable within the next few years, much of this coming from the premium Engines business. With the new simplified strategy for Melrose announced today, we look forward to explaining the full potential of Aerospace at the upcoming Capital Markets Event next week including the route to realising this value.”

Swedish Orphan Biovitrum AB To Acquire CTI BioPharma

CTI BioPharma (CTIC) has entered into a definitive agreement under which Swedish Orphan Biovitrum AB or Sobi will acquire CTI for $9.10 per share of common stock in an all-cash deal, representing an implied equity value of approximately $1.7 billion. Sobi, through a wholly owned, indirect subsidiary, will commence a tender offer to acquire all outstanding shares of CTI for $9.10 per share of common stock in cash.

Upon the successful completion of the tender offer, Sobi’s acquisition subsidiary will be merged into CTI, and any remaining shares of common stock of CTI will be cancelled and converted into the right to receive the same $9.10 per share in cash.

The transaction is anticipated to close in the third quarter of 2023. CTI noted that it does not intend to issue an earnings release for first quarter financial results.

Continental Q1 Profit Up 59.6%; Backs FY Outlook

Automotive supplier and tire manufacturer Continental (CTTAY.PK) reported that its first quarter net income attributable to its shareholders increased 59.6% year-over-year to 382.2 million euros or 1.91 euros per share from last year.

Consolidated sales for the first quarter were 10.31 billion euros, an increase of 11.1 percent from last year.

The global production of passenger cars and light commercial vehicles weakened slightly compared with the fourth quarter of 2022 but increased year-on-year, according to preliminary figures. Compared with the first quarter of 2022, it rose by around 6 percent to 21.1 million units.

Continental still anticipates consolidated sales for fiscal 2023 of around 42 billion euros to 45 billion euros and an adjusted EBIT margin of around 5.5 to 6.5 percent. This includes additional costs of around 1.7 billion euros as a result of the price increases for materials, wages and salaries as well as energy and logistics.

For the year as a whole, Continental continues to expect the global production of passenger cars and light commercial vehicles to increase by 2 to 4 percent compared with the previous year’s figure of around 82.3 million vehicles.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

TSMC April Revenue Falls

Taiwan Semiconductor Manufacturing Company Limited or TSMC (TSM) on Wednesday reported a decline in revenue for the month of April and first four-month period of 2023.

For the month of April, the company posted a revenue of NT$147.900 billion, lesser than NT$172.561 billion recorded for the same month of 2022. For the month of March 2023, the firm had generated revenue of NT$145.408 billion.

For the four-month period to April, TSMC registered revenue of NT$656.533 billion, lesser than NT$663.637 billion, posted for the same period of 2022.

PHOTOS: Denver Nuggets overpower Phoenix Suns 118-102 in Game 5 of NBA Western Conference semifinals – The Denver Post

The Denver Nuggets hosted the Phoenix Suns for Game 5 of the NBA Western Conference semifinals at Ball Arena in Denver, Colorado on Tuesday night, May 9, 2023. Denver won 118-102.

Heidelberg Materials Q1 Result From Current Operations Rises, Revenue Up 10.6%; Upgrades Outlook

Heidelberg Materials (HDELY.PK) reported that its first quarter result from current operations before depreciation and amortisation rose 41.3% to 557 million euros from a year ago. The result from current operations recorded growth to 258 million euros from 91 million euros, last year.

Revenue rose 10.6% to 4.90 billion euros. Excluding scope of consolidation and exchange rate effects, the growth was 13.4%.

The company upgraded its outlook for fiscal 2023. Heidelberg Materials expects a moderate increase in revenue, excluding items, compared with the previous year. The company now anticipates a result from current operations of between 2.50 billion and 2.65 billion euros, revised from prior outlook of between 2.35 billion and 2.65 billion euros.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Akasa Air’s occupancy soars at fastest pace among peers in April

Akasa Air’s plane occupancy, or load factor, improved the most among all major carriers in April compared to the last month.

Load factor signifies the percentage of seats that the airline has been able to fill in its planes.

The Vinay Dube-led carrier, which started commercial flights in August last year, saw its load factor jump by more than 11 per cent in April, according to the Ministry of Civil Aviation’s data that has been reviewed by Business Standard.

Ajay Singh-promoted SpiceJet, which has been facing cash crunch, retained its top position in April but its load factor decreased slightly from 92.83 per cent in March to 91.57 per cent in April.

India’s largest carrier IndiGo saw the second best improvement in load factor — from 84.1 per cent in March to 87.46 per cent in April.

All three Tata group-run airlines — Air India, AirAsia India, and Vistara — improved their load factors in April.