Pandemic Drags Down Quarterly Results, For Most -- At A Glance
Companies around the world reported quarterly results were
dragged down by the Covid-19 pandemic. Netflix and Snap, however,
saw a boost from consumers stuck at home.
Tuesday's earnings, at a glance:
Canadian Pacific Railway Ltd.: The company profit fell in the
first quarter while beating analysts' expectations, as the North
American economy halted to fight the coronavirus pandemic.
CIT Group Inc.: The financial company said it had a loss in the
first quarter as provisions for credit losses and expenses rose.
CIT said its first-quarter results reflect the impact of the new
coronavirus on the macroeconomic environment as well as other
Coca-Cola Co.: The beverage giant reported lower revenue for the
latest quarter, reflecting growing sales for the first two months
of the year before the Covid-19 pandemic escalated and resulted in
reduced travel, restaurant closures and sports cancellations
outside of China.
Comerica Inc.: The regional bank turned a loss for the first
quarter as it booked provision for credit losses. Comerica said the
provisions reflected the expected impact of the Covid-19 pandemic
and continued pressures on the energy sector.
Emerson Electric Co.: The manufacturer said sales fell 9% for
its latest quarter, a decline it attributed to efforts aimed at
containing the coronavirus that have shut economies around the
Fifth Third Bancorp: The U.S. bank reported a smaller profit in
the first quarter as its allowance for loan and lease losses
Kasikornbank PCL: The Thai bank's first-quarter net profit
slumped 34% on higher operating expenses and expected credit
losses. Noninterest income slid almost 40% due to volatility in
money and capital markets amid the Covid-19 crisis.
ManpowerGroup Inc.: The provider of temporary employees and
other workforce services said first-quarter profit fell sharply as
it restructured its business in anticipation of weak revenue tied
to the coronavirus pandemic.
Netflix Inc.: The streaming giant added more than twice as many
net new subscribers as it had expected in the first quarter, as
consumers in many countries stayed at home due to the coronavirus
pandemic and hunted for ways to entertain themselves.
Peugeot SA: The French car maker said first-quarter sales fell
due to the coronavirus pandemic and the forced the suspension of
global plants, adding that it anticipates a widespread contraction
in the global automotive market.
Snap Inc.: The social-media company reported a surge in
quarterly growth in users and revenue in the first quarter, as
homebound users turned to its chat app for connection with friends
amid the pandemic.
Synchrony Financial: The U.S. lender reported a sharp decline in
profit in the latest quarter as it set aside more money to handle
Tele2 AB: The Sweden-based telecoms company's first-quarter
adjusted earnings before interest, taxes, depreciation and
amortization--which strips out exceptional and other one-off
items--ticked 1% lower as the group lost roughly SEK70 million ($7
million) as a result of the pandemic and bad debt provisions.
(END) Dow Jones Newswires
April 21, 2020 18:21 ET (22:21 GMT)
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