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Credit Suisse Reports Pre-tax Loss For Full Year

Seagen Announces FY22 Revenue Outlook

Biotechnology company Seagen Inc. (SGEN) on Wednesday announced outlook for fiscal 2022. The company expects total revenues between $1.66 billion and $1.75 billion for the year ahead. On average, 20 analysts polled by Thomson Reuters expect the company to post revenues of $2.16 billion for fiscal 2022.

Net product sales is expected between $1.48 billion and $1.55 billion for the year ahead.

AMP Posts FY Loss

AMP Ltd. (AMLTF.PK, AMP.AX) reported that its loss for the fiscal year 2021 was A$252 million compared to profit of A$177 million last year, primarily impacted by previously announced impairment charges, mainly non-cash write-downs.

Underlying net profit after tax rose 53 percent year-over-year to A$356 million, assisted by AMP Bank earnings and release of provisions, and strong AMP Capital performance fees in the second-half of 2021 from closed-end infrastructure funds, delivering strong returns to clients.

AMP Bank net profit after increased 38 per cent to A$153 million, driven by the release of provisions, residential mortgage book growth.

AMP said it is on-track to deliver A$300 million of annual run-rate gross cost savings by fiscal year 2022.

AMP Limited announced John O’Sullivan will not stand for re-election to the board at the annual general meeting on 20 May 2022. O’Sullivan has served as a member of the Board since June 2018.

AMP did not declare final dividend for fiscal year 2021.

ITT Corporation Q4 Earnings Summary

Below are the earnings highlights for ITT Corporation (ITT):

Earnings: $103.0 million in Q4 vs. -$13.5 million in the same period last year.
EPS: $1.20 in Q4 vs. -$0.16 in the same period last year.
Excluding items, ITT Corporation reported adjusted earnings of $61.4 million or $1.06 per share for the period.

Analysts projected $1.05 per share
Revenue: $685.4 million in Q4 vs. $708.6 million in the same period last year.

Affirm Holdings Up 7% On News Of Possible Guidance Revision

Shares of consumer financing firm Affirm Holdings (AFRM) are trading up 7 percent on Wednesday ahead of the company reporting its second quarter 2022 earnings on Thursday.

According to reports, analysts expect the company to lift its 2022 guidance because of a growing partnership with retail giant Amazon Inc. (AMZN).

On average, 11 analysts polled by Thomson Reuters expect the company to post net loss of $0.34 per share on revenues of $328.8 million in the second quarter.

Currently at $67.56, the stock has traded between $46.50 and $176.65 during the past 52 weeks.

Yamaha Motor FY21 Profit Surges; Sees Weak Net Profit, Higher Operating Profit In FY22; Stock Down

Yamaha Motor Co. (YAMHF.PK) reported Thursday that its fiscal 2021 net income attributable to owners of parent was 155.6 billion yen, an increase of 193.1 percent.

Ordinary income grew 116 percent from last year to 189.4 billion yen and operating income grew 123.3 percent to 182.3 billion yen.

Net sales were 1.81 trillion yen, an increase of 23.2 percent compared with the previous fiscal year.

The company said the results represent its highest figures ever for net sales and income.

Looking ahead for fiscal 2022, the company projects attributable net income of 130.0 billion yen, down 16.4 percent from the previous year.

However, operating income would rise 4.2 percent to 190 billion yen, and net sales would grow 10.3 percent to 2 trillion yen.

In Japan, Yamaha Motor shares were trading at 2,737 yen, down 4.07 percent.

Maxtrade Recalls 141K ATVs Due To Safety Standard Violations

Maxtrade has recalled about 141,000 Youth Coolster Mountopz All-Terrain Vehicles due to risk of injury and violations of Federal safety standards.

According to the company, the recalled ATVs fail to comply with the requirements of the federal mandatory ATV safety standard. The youth ATVs fail to meet the maximum speed limitations for vehicles intended for children ages 6, 10 and 12 years and older, or for teenagers, depending on the model.

Further, in certain ATVs, the parking brakes do not prevent the movement of the vehicle. ATVs that fail to meet the mandatory safety requirements pose a risk of serious injury or death.

Although the company has not received any incidents or injuries related to the recall ATVs, it has requested consumers to immediately stop using the recalled ATVs and contact Maxtrade for a free repair from an authorized repair shop.

The recalled ATVs involves Maxtrade’s Coolster Mountopz ATVs, models 3050-B, 3050-C, 3125-B2, 3125-CX-2, 3125-CX-3, 3125-XR8-U2, 3150-CXC, 3150-DX-4, 3175-S2, and 3175-U. The vehicles, intended for use by children aged 6, 10 and 12 years and older, or for teenagers, depending on the model, were sold in various colors. Coolster is stamped on the handlebar and the model number is printed in the center of the rear axle.

The recalled ATVs were sold at Maxtrade dealers nationwide and online from January 2007 through January 2021 for between $370 and $1,100.

Credit Suisse Reports Pre-tax Loss For Full Year

Credit Suisse Group AG (CS), on Thursday posted a pre-tax loss for the fiscal 2021, impacted by the Archegos matter, goodwill impairment, and litigation provisions.

For the fiscal 2021, the Zürich-headquartered bank reported a pre-tax loss of CHF522 million, compared with a pre-tax income of CHF3.46 billion, reported for 2020. Adjusted pre-tax income, excluding significant items and Archegos, increased by 51 percent, to CHF 6.6 billion.

Net loss attributable to share holders registered at CHF1.57 billion as against net income of CHF 2.66 billion last year.

Provision for the credit losses climbed for the 12-month period, to CHF 4.20 billion, from CHF 1.09 billion a year ago.

The lender’s good will impairment cost reported at CHF 1.62 billion for 2021, compared with zero good will impairment cost recorded for 2020.

Net revenues for the year remained almost stable, partially offset by decrease in revenue from the Investment Bank, due to the loss related to Archegos, the cumulative impact of the Group’s reduced risk appetite in 2021 as well as its exit of Prime Services.

For 52-week period, the financial major registered net revenue of CHF22.69 billion, compared with CHF 22.38 billion.

Credit Suisse said its fiscal 2022 results are expected to be adversely impacted by restructuring costs and higher compensation costs compared with 2021.