Philips Slips To Loss In Q1; Comparable Sales Down, Orders Up – Quick Facts
Dutch consumer electronics giant Philips Electronics NV (PHGFF.PK,PHG) reported Monday that its first-quarter net loss was 151 million euros or 0.17 euro per share, compared to prior year’s profit of 40 million euros or 0.04 euro per share.
Income from continuing operations amounted to a loss of 152 million euros or 0.17 euro per share, compared to a loss of 34 million or 0.04 euro last year.
Adjusted income from continuing operations was 0.15 euro, compared to 0.28 euro a year ago.
Philips delivers sales of 3.92 billion euros, up 2 percent from 3.83 billion euros in the prior year, with good demand. Comparable sales declined 4 percent on the back of 9% comparable sales growth last year.
Comparable order intake increased 5%, driven by the Diagnosis & Treatment businesses and Hospital Patient Monitoring.
BBVA Increases Voluntary Takeover Bid Price Offered For Garanti BBVA – Quick Facts
Banco Bilbao Vizcaya Argentaria, S.A. said its Board has decided to increase the voluntary takeover bid price offered in cash for each share of Türkiye Garanti Bankasi A.S. or Garanti BBVA to 15.00 Turkish Lira. The maximum aggregate amount of consideration payable by BBVA is approximately 1.985 billion euros. The acceptance period of the voluntary takeover bid is extended for a period of 2 weeks.
BBVA estimates a maximum impact of approximately minus 34 basis points in the common equity tier 1 ratio assuming all Garanti BBVA shareholders accept the offer.
Technip Energies Q1 Profit Rises
Technip Energies (TE), a French engineering and technology firm, on Monday posted a rise in earnings for the first quarter, reflecting an increase in revenues.
Commenting on the sanctions against Russia, the company said, “We expect that the balance sheet position of the project and the relevant contract protections will be sufficient to fulfil our various contractual obligations in compliance with applicable sanctions.”
For the first quarter of 2022, Technip reported a net profit of 68.8 million euros or 0.38 euros per share, compared with 52.7 million euros or 0.29 euros per share, reported for the same period, last year.
The Group generated an adjusted profit of 75.2 million euros, compared with 47.5 million euros, reported for the same period, last year.
The French company’s adjusted pre-tax income for the quarter moved up to 105.8 million euros as against 71.6 million euros, on year-on-year basis.
Owing to a firm demand, Technip registered its adjusted EBIT for the quarter at 110.8 million euros, compared with 64.8 million euros, posted for the first quarter of 2021. Adjusted EBITDA rose to 132.3 million euros from last year’s 118 million euros.
In the quarter, revenues were 1.70 billion euros, up from 1.50 billion euros, reported for the first three-month period of the last fiscal.
6 Casualties As Russia Bombard Cities Across Ukraine
Russia bombarded cities across Ukraine in the early hours of Monday.
Many of these cities were targeted for the first time since the Russian invasion began on February 24.
Capital Kyiv, Lviv in the west, Dnipro in east-central, Kharkiv in the north and the southern city of Mykolaiv, near the port of Odesa, are among other cities that came under attack.
These attacks follow heavy weekend shelling in Luhansk and Kharkiv.
Six people, including a child, were killed in missile strikes on military facilities and a car tyre service point in Lviv, reports quoting Governor Maksym Kozytskyy say.
Nearly 200 children have been killed and 350 children have been injured in the Russian attacks so far.
Ukrainian troops in the besieged southeastern port city of Mariupol ignored a Russian ultimatum demanding their surrender on Sunday.
Russian forces said the humanitarian corridor that allows besieged people to flee the war would be closed on Monday. People left in the city would be “filtered out,” according to an adviser to Mariupol’s mayor.
Ukrainian President Volodymyr Zelensky said Ukraine is not willing to cede its eastern territory in return for ceasefire. Ukraine’s military is prepared to fight Russian forces in the Donbas region, he told CNN.
Gold Holds Near Four-week Lows On Rate Hike Jitters
Gold prices fell on Monday to hit their lowest in four weeks as a stronger dollar and rising Treasury yields dented the precious metal’s appeal.
The dollar climbed to a level last seen in March 2020, making the greenback-priced gold costlier for other currency holders.
Investors expect the Federal Reserve to raise rates by 50 bps at the May meeting, followed by even bigger hikes in subsequent months in order to tame soaring inflation.
Spot gold dipped 0.8 percent to $1,915.19 per ounce, after having earlier hit its lowest since March 29 at $1,911.80. U.S. gold futures were down 0.9 percent at $1,916.20.
The downside remained capped somewhat as a spike in Covid cases in China’s capital city of Beijing sparked worries about the implementation of more stringent restrictions to contain the outbreak.
The business district of Chaoyang started three days of mass testing of those working and living in the area.
Cases continue to grow in Shanghai, where authorities have erected fences outside residential buildings designated as “sealed areas.”
China registered about 22,000 new COVID-19 infections on Sunday, with many cities and provinces under some version of a lockdown.
Vivendi Q1 Revenues Up 7.9% On Organic Basis – Quick Facts
Vivendi (VIV.L,VIVEF.PK) reported first quarter revenues of 2.38 billion euros, compared to 2.09 billion euros, prior year. The company said this increase of 13.4% is mainly due to the growth of Canal+ Group, Havas Group and Vivendi Village. At constant currency and perimeter, revenues grew by 7.9% from a year ago.
Vivendi noted that its public tender offer for Lagardère’s shares was opened on April 14, 2022, for an initial period of 25 trading days. If the offer is successful, Vivendi would like Arnaud Lagardère to remain as Chairman and CEO of Lagardère. Vivendi also said it does not intend to apply to the AMF for a squeeze-out of Lagardère’s shares or to request the delisting of Lagardère’s shares from Euronext Paris.