AstraZeneca first-quarter Covid-19 vaccine revenue $275 million

BBVA Turns To Profit In Q1 – Quick Facts

BBVA Group (BBVA) reported that its first-quarter net attributable profit was 1.21 billion euros, compared to a loss of 1.79 billion euros in the prior year. The previous year result was impacted by the goodwill adjustment in the U.S. subsidiary and higher impairments and provisions.

Net attributable profit, excluding the results from discontinued operations, was 1.03 billion euros, a year-on-year growth of 139.4%.

Net interest income was 3.45 billion euros, down 14.2% from last year, due to the adverse interest rate scenario.

Net fees and commissions grew 0.8% year-over-year to 1.13 billion euros.

In BBVA plans to resume its dividend policy of a 35 to 40 percent payout in cash, once the restrictions from the European Central Bank are lifted.

Weyerhaeuser Co Q1 adjusted earnings Miss Estimates

Weyerhaeuser Co (WY) revealed a profit for its first quarter that climbed from the same period last year.

The company’s bottom line came in at $292 million, or $0.39 per share. This compares with $150 million, or $0.20 per share, in last year’s first quarter.

Excluding items, Weyerhaeuser Co reported adjusted earnings of $361 million or $0.48 per share for the period.

Analysts had expected the company to earn $0.91 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 19.1% to $2.06 billion from $1.73 billion last year.

Weyerhaeuser Co earnings at a glance:

-Earnings (Q1): $361 Mln. vs. $138 Mln. last year.
-EPS (Q1): $0.48 vs. $0.18 last year.
-Analysts Estimate: $0.91
-Revenue (Q1): $2.06 Bln vs. $1.73 Bln last year.

Altona Rare Earths To Proceed With 70% Stake Acquisition In Monte Muambe Rare Earths Project

Altona Rare Earths Plc (ANR.L) Friday announced its decision to proceed with the plan to acquire up to 70% of the Monte Muambe Rare Earths Project in the Tete Province, Mozambique.

The company on March 24 had signed a Memorandum of Understanding with Ussokoti Investimentos Limitada for the acquisition.

The rare earths exploration and mining company now said its Board has satisfactorily completed the due diligence on the acquisition target and Prospecting License 7573L (Monte Muambe Rare Earths Project).

Altona said it has instructed its UK legal counsel to prepare the final contract, as per the terms of the MoU, to start the earn-in process which will end up with Altona owning 70%.

A further announcement will be issued on signature of the deal.

Christian Taylor-Wilkinson, Chief Executive of Altona, said, “Monte Muambe is, we believe, a significant rare earths project and it is clear both parties are motivated to agree terms and move the project into the exploration phase.”

Separately, in its trading update, the company said it believes to be in a strong position, with cash in the bank and all three African mining opportunities progressing as planned.

U.S. Economy Nearly Back To Pre-Pandemic Levels

Preliminary data released by the Commerce Department on Thursday showed an acceleration in the pace of U.S. economic growth in the first three months of 2021.

The report said real gross domestic product surged up by 6.4 percent in the first quarter after jumping by 4.3 percent in the fourth quarter of 2020. Economists had expected GDP to increase by 6.5 percent.

Paul Ashworth, Chief U.S. Economist at Capital Economics, said the first quarter growth left the level of GDP only 1 percent off its pre-pandemic peak in the final quarter of 2019.

“It will recapture that level in the second quarter and, with the pace of growth we expect, any remaining output gap should be eliminated before the end of this year,” Ashworth said.

The faster GDP growth was led by a substantial increase in consumer spending, which was boosted by two rounds of stimulus checks.

The report showed consumer spending spiked by 10.7 percent in the first quarter after climbing by 2.3 percent in the fourth quarter.

The Commerce Department said the GDP growth also reflected increases in non-residential fixed investment, federal government spending, residential fixed investment, and state and local government spending.

Meanwhile, decreases in private inventory investment and exports helped limit the upside along with an increase in imports, which are a subtraction in the calculation of GDP.

The report also showed core consumer prices, which exclude food and energy prices, jumped by 2.3 percent in the first quarter following a 1.3 percent increase in the fourth quarter.

AstraZeneca first-quarter Covid-19 vaccine revenue $275 million

AstraZeneca said on Friday its Covid-19 vaccine contributed $275 million in sales and shaved off three cents per share from its first-quarter earnings, as the drugmaker reported better-than-expected results and forecast sales growth.

This is the first time the drugmaker has given financial details from the distribution and sales of its vaccine. It has said it will not make a profit from the shot during the pandemic.

Vaccine revenue included delivery of about 68 million doses worldwide, it said. Sales in Europe were $224 million, emerging market sales were $43 million, and $8 million in the rest of the world, it said.

Total revenue, which includes payments from collaborations, rose 11% to $7.32 billion for the three months to March on a constant-currency basis, while core earnings stood at $1.63 cents per share, the Anglo-Swedish drugmaker said.

Analysts on average were expecting core earnings of $1.48 per share on sales of $6.94 billion for the first quarter, according to a company-provided consensus of 18 analysts.

"We expect the impact of Covid to reduce and anticipate a performance acceleration in the second half of 2021," Chief Executive Officer Pascal Soriot said in statement.