Alcoa moved to conserve cash and cut capacity due to the pandemic, while Las Vegas Sands saw its revenue cut in half. Earlier in the day, consumer-goods makers got a boost as stay-at-home measures prompted people to stock up.

Wednesday's earnings, at a glance:

Alcoa Corp.: The aluminum maker said it is moving to conserve cash amid an economic downturn caused by the new coronavirus pandemic and will curtail capacity at a smelter.

Las Vegas Sands Corp.: The casino operator reported a 51% drop in revenue, with Las Vegas shut down in response to the coronavirus pandemic and reopened casinos in Macau struggling to recover.

Netgear Inc.: The maker of networking products said it lost $4 million, or 14 cents a share, versus a profit of $13 million, or 39 cents a share, in the year-ago quarter. Adjusted for one-time items, Netgear said it earned 21 cents a share, compared with 60 cents a share a year ago. The quarter was "challenging" due to COVID-19 and the company endured "supply and demand disruptions around the world on a rolling basis."

Kimberly-Clark Corp.: Sales at the seller of Scott and Cottonelle toilet paper and Kleenex jumped to slightly more than $5 billion in the first quarter as consumers stockpiled paper products.

Silgan Holdings Inc.: The company reported first-quarter profit growth, citing higher volumes for its consumer-goods packaging products during the Covid-19 crisis.

ACC Ltd.: The Indian cement maker's first-quarter net profit fell 6.7% after it had to shut its plants during the government lockdown of the nation to curb the spread of Covid-19. ACC said cement sale volumes during the quarter fell 12%.

Akzo Nobel N.V.: The Dutch paints-and-coatings company said revenue for the first quarter fell due to the coronavirus pandemic's effect on end-market demand, and that the virus will have a significant impact during the second quarter.

Amphenol Corp.: The electronics manufacturer reported lower sales and a weaker profit for the first quarter as it navigated the Covid-19 pandemic.

ASM Pacific Technology Ltd.: The semiconductor equipment company's first-quarter net profit dropped 79% after incurring HK$61.3 million (US$7.9 million) in coronavirus-pandemic-related expenses and booking lower contributions from its industrial printer and semiconductor solutions business.

AT&T Inc.: The telecommunications company warned that the coronavirus crisis is clouding its financial outlook as cash-strapped customers spend less and TV production grinds to a halt. It withdrew the financial targets it gave investors in November, citing the economic uncertainty caused by the recent wave of job losses.

Baker Hughes Co.: The oilfield-services company recorded a net loss of $10.21 billion in the first quarter as it grappled with sharply lower oil prices and the coronavirus pandemic.

Bangkok Bank PCL: The Thai lender said its first-quarter net profit fell 15% partly due to fair-value losses from financial instruments, as concerns about business disruption due to the Covid-19 pandemic weighed on markets.

Biogen Inc.: The drugmaker reported first-quarter earnings that exceeded analysts' expectations amid an uptick in sales and the coronavirus pandemic.

China International Travel Service Corp.: The Chinese tourism company said it swung to a net loss in the first quarter, as a slump in visitor numbers decimated sales at its tax-free shops.

Delta Air Lines Inc.: The airline reported its first quarterly loss in more than five years, as the coronavirus pandemic ravaged the travel industry.

Ericsson AB: The Swedish telecom equipment company reported lower net profit in the first quarter, saying it felt limited impact from the new coronavirus while cautioning the general economic slowdown caused by the pandemic could lead some operators to delay investment programs.

Heineken NV: The Dutch brewer reported a sharp drop in net profit for the first quarter due to a pandemic-induced volume drop in March and said limited benefits came from its mitigating actions.

Nasdaq Inc.: The exchange operator noted a surge of trading volume related to the COVID-19 pandemic and posted first-quarter revenue that beat analysts' estimates.

Quest Diagnostics Inc.: The lab company said its profit for the first quarter fell as testing volumes, including for Covid-19, slumped in March.

Randstad N.V.: The Dutch recruitment company reported a 64% fall in net profit for the first quarter of the year after booking an impairment charge against the acquisition of Monster and on lower revenue. Randstad said organic revenues per working day fell 3%-4% during the quarter until the first half of March and then fell around 30% in the second half of the month due to the escalating Covid-19 impact.

Roche Holding AG: The Swiss pharma giant's sales rose in the first quarter, driven by its pharamceuticals division. Roche said global supply chains for medicines and tests remain intact in spite of the coronavirus pandemic and market volatility had a limited impact on its performance in the first quarter.

STMicroelectronics NV: The European chip maker saw higher first-quarter revenue but fell short of its own target. "The Covid-19 outbreak and subsequent containment measures by governments around the world brought challenges in our manufacturing operations and, especially in the last few days of the quarter, logistics," Chief Executive Jean-Marc Chery said.

Suntec Real Estate Investment Trust: The Singapore REIT's first-quarter net property income fell 7.2% on year as a result of measures that were put into place to contain the spread of the coronavirus pandemic.

Svenska Handelsbanken AB: The Swedish bank posted a 17% drop in first-quarter net profit as it took higher credit loss provisions and other financial adjustments in light of the coronavirus.

Telia Co. AB: The Nordic telecommunications operator reported a 38% fall in net profit for the first quarter of the year as it booked higher costs. The pandemic-inspired economic downturn resulted in lower advertising revenue for its TV & Media unit, which was also affected by the suspension of live sport broadcastings.

 

(END) Dow Jones Newswires

April 22, 2020 18:11 ET (22:11 GMT)

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