) saw gains after it reported a higher-than-expected cash burn in the first quarter on Thursday as the Canadian planemaker builds up inventory to support increased production of business jets amid resilient demand for private flying.
Bombardier is facing a challenge from rival General Dynamics’ Gulfstream, which is starting deliveries of its flagship G700 luxury jet that was certified last month. Quarterly profit fell to $110-million from $302-million. On a per share basis, adjusted profit was 36 cents per share, above estimates of 28 cents per share.
“We had strong first quarter performance...with steadily increasing quarterly copper production as QB ramp-up advances,” CEO Jonathan Price said in a statement. Steelmaking coal production in the first quarter came in at 6 million tons, the same levels seen in the year-ago period, impacted by extreme freezing temperatures in mid-January that resulted in frozen plant components and unplanned downtime.
The Denver, Colorado-based Newmont’s quarterly attributable gold production rose to 1.7 million ounces from 1.27 million ounces a year earlier, boosted through sites acquired following its acquisition of Australia’s Newcrest A$26.2 billion in November. In a research note, Desjardins Securities analyst Benoit Poirier said: ”ARE reported stronger-than-expected 1Q24 results. While revenue of $847-million came in significantly below consensus of $997-million and our forecast of $998-million, adjusted EBITDA of $33-million was above consensus of $23-million and our estimate of $21-million. Fully diluted EPS of a loss of 10 cents was also better than consensus of a 20-cent loss and our forecast of an 18-cent loss.
Sales of Keytruda stood at US$6.95-billion for the first quarter, jumping 20 per cent from the previous year and surpassing analysts’ estimates of US$6.66-billion, according to LSEG data. The U.S. Food and Drug Administration last month approved Merck’s potential blockbuster treatment Winrevair for adults with high blood pressure due to constriction of lung arteries, and the company said doctors had started writing prescription for the drug.
Mr. Ajdler accused the company of being a poor allocator of capital, saying it had paid too much for acquisitions, bought back shares and months later issued stock at a lower price, mismanaged the refinancing of $345-million in convertible debt and made “unnecessary” expenditures totaling $134-millinon related to acquisition, restructuring and other costs over the last three years.
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