American Axle & Manufacturing Slips To Loss In Q1

American Axle & Manufacturing Holdings Inc. (AXL) reported that its first-quarter net loss attributable to the company was $501.3 million or $4.45 per share, compared to net income of $41.6 million or $0.36 per share in the prior year. The latest-quarter results were impacted by lower production as a result of COVID-19 by about $37 million, or $0.33 per share.

Adjusted earnings per share was $0.20 compared to $0.36 prior year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the quarter Analysts’ estimates typically exclude special items.

Net sales for the quarter declined to $1.34 billion from $1.72 billion last year. Analysts expected revenues of $1.31 billion for the quarter. The latest-quarter sales were unfavorably impacted by COVID-19 by approximately $169 million. In addition, the prior year sales included $182 million related to U.S. iron casting operations, which were sold in December 2019.

Thee company withdrew its 2020 financial outlook on March 25, 2020, as a result of the unexpected disruption in light vehicle production and economic uncertainty due to the impact of the COVID-19 pandemic. The company do not issue revised 2020 financial targets at this time.

Pluristem: FDA Clears IND Application For Phase II COVID-19 Study

Pluristem Therapeutics Inc. (PSTI), an Israeli regenerative medicine company, announced Friday that the U.S. Food and Drug Administration has cleared its Investigational New Drug or IND application for a Phase II study of its PLX cells in the treatment of severe COVID-19 cases complicated by Acute Respiratory Distress Syndrome or ARDS.

The objective of the study is to evaluate the efficacy and safety of one or two intramuscular injections, in three different dosages, of PLX-PAD for the treatment of ARDS resulting from COVID-19.

The study will treat 140 adult patients that are intubated and mechanically ventilated and are suffering from respiratory failure and ARDS due to COVID-19.

The primary efficacy endpoint of the study is the number of ventilator free days during the 28 days from day 1 through day 28 of the study. The primary endpoint determination will be performed at the end of the 28 day main study period.

Pluristem said it has been treating patients suffering from severe complications caused by COVID-19, such as ARDS and inflammatory complications, in the U.S. and Israel through compassionate use programs.

A Clinical Trial Authorization has also been filed in Europe for a Phase II COVID-19 trial, with the first European clinical sites planned in Germany and Italy.

Meridian Bioscience Boosts FY19 Adj. EPS Outlook – Quick Facts

While reporting financial results for the second quarter on Friday, life science company Meridian Bioscience, Inc. (VIVO) raised its adjusted earnings and revenue guidance for the full year 2020, despite the turmoil of the COVID-19 pandemic due to the unprecedented demand for its Life Science products.

For fiscal 2020, the company raised its adjusted earnings guidance to a range of $0.70 to $0.75 per share from the prior guidance range of $0.28 to $0.34 per share on consolidated net revenues between $230 million and $236 million.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.29 per share on revenues of $197.13 million for the year. Analysts’ estimates typically exclude special items.

The revenue components of this guidance assume that the company’s Life Science business will see COVID-19 related demand for molecular reagents used in PCR tests and immunological reagents used in serology tests ranging from $43 million to $47 million during the second half of fiscal 2020, peaking in the third fiscal quarter and tapering in the fourth fiscal quarter.

Canada Lost About 2 Million Jobs in April, Person Familiar Says

Statistics Canada will report the nation shed about 2 million jobs in April as a result of pandemic-related shutdowns, a person familiar with the matter said on condition they not be identified, Bloomberg News reports

The drop in employment is by far the largest monthly decrease on record and adds to the 1 million decline in March. The jobless rate jumped to about 13% in April, the person said.

But the numbers are well below what analysts were expecting. Economists were anticipating a loss of 4 million jobs last month, with the unemployment rate rising to 18%.

More information is available on the Bloomberg Terminal. 

El Paso Electric Posts Wider Adj. Loss In Q1 – Quick Facts

El Paso Electric Company (EE) reported a first quarter adjusted basic net loss per share of $0.21 compared to a loss of $0.17, previous year. First quarter operating revenues declined to $158.56 million from $174.36 million, previous year.

El Paso Electric Company said it continues to complete the regulatory approval process associated with the Infrastructure Investments Fund’s pending acquisition of El Paso Electric and anticipates closing the deal in the second quarter of 2020. In light of the merger, the company no longer provides guidance.

PPL Corp. Says FY20 Earnings Outlook Unchanged – Quick Facts

While reporting its first-quarter financial results on Friday, PPL Corp. (PPL) said that through the end of the first quarter, it remained on track to achieve its fiscal 2020 earnings forecast of $2.40 to $2.60 per share.

PPL added it is too soon to predict clearly the COVID-19 pandemic’s full scope, duration and economic impact. As a result, the company has not changed its forecast range for the year.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.46 per share for the year. Analysts’ estimates typically exclude special items.

PPL also maintained its 2021 guidance range of $2.40 to $2.60 per share. The Street expects the company to report earnings of $2.47 per share for fiscal 2021.