Online travel sites' earnings were the latest to be stung by
global restrictions on travel to curb the spread of the new
coronavirus in the first three months of the year.
Earlier, first-quarter results of airlines and hotels took a
hit, with some signaling the second quarter could be worse.
Earnings reported after the bell Thursday:
Booking Holdings Inc.: The online-travel agency said its
adjusted earnings and revenue for the first quarter declined as the
Covid-19 pandemic has battered travel and companies scaled back on
their advertising spending.
Tripadvisor Inc.: The travel site said it is furloughing about
850 employees, or 22% of its workforce, and swung to a loss for the
first quarter as the Covid-19 pandemic battered tourism and
Uber Technologies Inc.: The ride-hailing giant's net loss
ballooned in the first quarter as the company was stung by the
effects of the coronavirus pandemic and signaled further cost
reductions a day after announcing plans to cut about 14% of its
Cognizant Technology Solutions Corp.: Profit fell in the fiscal
first quarter on higher expenses and costs, as disruptions stemming
from coronavirus lockdown measures cut into revenue in March.
Cushman & Wakefield PLC: The commercial real estate services
company said Covid-19 sparked a drop in demand in March and that it
is withdrawing guidance for this year because of uncertainty about
the future impact of the pandemic.
EOG Resources Inc.: The company said it would cut $1 billion
more out of its capital-spending plan for the year, another example
of how shale-oil companies are pushing to conserve cash as the
Covid-19 pandemic puts tremendous pressure on demand for crude.
Live Nation Entertainment Inc.: The company reported a drop in
revenue in the most recent quarter as social-distancing protocols
and lockdown orders began squeezing the world's largest concert
promoter and ticketing provider.
Roku Inc.: The company's first-quarter revenue beat
expectations, helped by pandemic stay-at-home orders.
Teradata Corp.: The company withdrew its outlook for the year
and suspended its share buyback program, citing the uncertainty of
the Covid-19 pandemic.
Earnings reported earlier Thursday:
Air France-KLM: The Franco-Dutch airline expects its second
quarter to be the hardest hit by the coronavirus after it posted a
widened first-quarter loss.
Hilton Hotels Corp.: The company said its profit and revenue for
the first quarter declined as the Covid-19 pandemic led it to shut
International Consolidated Airlines Group SA: The airline group
-- which houses carriers British Airways, Iberia and Vueling among
others -- said it expects its second quarter to be significantly
worse than the first quarter due to the pandemic, and that it will
defer the delivery of 68 aircraft.
JetBlue Airways Corp.: The U.S. airline swung to a loss for the
first quarter and expects capacity to be lower than planned for the
second quarter as the pandemic continues to batter tourism and
Trainline Ltd.: The U.K.-based, digital rail-and-coach ticketing
platform operator said passenger volumes in the first quarter of
fiscal 2021 are down by around 95% due to the pandemic, and its
pretax loss for fiscal 2020 widened after booking higher costs.
Other earnings reported Thursday, at a glance:
AmBev SA: The company's profit plunged in the first quarter
after people drank less beer in many of the brewer's biggest
markets because bars closed down amid social-distancing
AmerisourceBergen Corp.: The drug distributor said its profit
and revenue for the fiscal second quarter rose amid demand for
pharmaceutical products during the pandemic.
ArcelorMittal: The world's largest steelmaker posted a loss of
$1.1 billion in the first quarter and said demand for the metal
fell by a third in North America and Europe as the coronavirus
pandemic crushed car production, among other factors.
Ares Management Corp.: The firm's private-equity portfolio took
a hit in the first quarter, with Ares Management unable to collect
a share of the gains from a couple of its funds as the coronavirus
pummeled the economy.
Banco do Brasil SA: The Brazilian lender's profit fell in the
first quarter as it boosted provisions in preparation for an
expected increase in bad loans as the coronavirus crisis slams
businesses and consumers.
Bristol-Myers Squibb Co.: The U.S. drug company reported higher
first-quarter revenue, helped in part by increased demand for some
products tied to the health crisis.
BT Group PLC: The U.K. telecommunications company said it is
suspending dividend payments until fiscal 2022 to deal with
potential consequences of the pandemic and to fund a new five-year
transformation and modernization program.
Colfax Corp.: The diversified technology company reported fiscal
first-quarter sales and profit that topped expectations despite
demand reductions related to the pandemic.
Continental AG: The German automotive-parts manufacturer said
profits slumped for the first quarter and it expects the second
quarter to weaken further due to the pandemic and depressed demand
from the automotive industry.
Dish Network Corp.: The television provider said severe
disruptions for subscribers in some commercial segments led to
paused service or temporary rate relief in the first quarter as the
new coronavirus spread.
Edgewell Personal Care Co.: The hygiene company reported
second-quarter earnings that met analysts' expectations but
withdrew its outlook for the year due to the pandemic.
Elanco Animal Health Inc.: The drugmaker said it swung to a loss
and revenue fell in the latest quarter as the pandemic took a toll
on the amount of product it had on the market.
Electrolux AB: The Swedish home-appliance manufacturer said the
coronavirus hit operating income by about 400 million Swedish
kronor ($40.7 million) in the first quarter and warned it expects a
significant loss in the second quarter.
Equinor ASA: The Norwegian oil company swung to an unexpected
first-quarter net loss as earnings were weighed by a slump in oil
and gas prices as well as hefty impairments. The company, which is
67%-owned by the Norwegian state, said earnings suffered from
"unprecedented market conditions and uncertainties."
Gannett Co.: The largest newspaper chain in the U.S. reported a
wider loss for the first quarter as advertising and marketing
revenue fell amid the pandemic.
Hain Celestial Group Inc.: The food maker raised its profit
forecast for its current fiscal year in part due to higher demand
sparked by the pandemic, which has pushed consumers to stock up on
food to eat at home.
Hankook Tire & Technology Co.: The South Korean company's
first-quarter net profit fell 34% due to weaker global demand for
tires as the pandemic hit the car industry hard.
Hess Corp.: The energy company reported an adjusted loss for the
first quarter of 2020 as the company recorded more than $2 billion
of impairment charges due to the pandemic's effect on energy
Hong Kong Exchanges & Clearing Ltd.: The stock-exchange
operator reported a 13% fall in its first-quarter net profit, as
pandemic-triggered turmoil in the financial markets led to an
Hyve Group PLC: The U.K. events group plans to raise 126.6
million pounds ($158.1 million) in a rights issue after it swung to
a pretax loss for the first half of fiscal 2020 due to value
write-downs triggered by the coronavirus.
International Container Terminal Services Inc.: The Philippine
company's first quarter net profit fell 18% as movement of freight
was hurt by pandemic restrictions.
Koninklijke Ahold Delhaize NV: The Netherlands-based owner of
grocery chains such as Stop & Shop and Giant Food reported a
48% rise in net profit for the first quarter as it benefited from
customer stockpiling and backed its full-year guidance.
Kontoor Brands Inc.: The clothing maker, which owns the Lee and
Wrangler brands, said it swung to a loss in the latest quarter as
measures to contain the new coronavirus halted in-store sales of
LeGrand SA: The French electrical infrastructure manufacturer
expects a sharp decline in sales in its second quarter because of
the pandemic, after posting lower profit in its first quarter.
Maximus Inc.: The government-services provider posted lower
earnings for the second quarter as the pandemic hurt its
Muenchener Rueckversicherungs-Gesellschaft AG: Munich Re, the
German reinsurance company, said profits slumped in the first
quarter due to the high claims burden caused by the pandemic and
refrained from updating its profit forecast.
Nintendo Co.: The company beat its forecast for Switch machine
sales and said consumers have bought more than 13 million copies of
its latest "Animal Crossing" game, evidence that people staying at
home during the pandemic are flocking to videogames.
Puma SE: The German sporting-goods company said earnings in its
first quarter fell due the pandemic, which it expects to hit its
finances harder in the second quarter.
Raytheon Technologies Corp.: The maker of Pratt & Whitney
aircraft engines and Patriot missile-defense systems said the
rationale for its creation remained intact even as the
coronavirus-driven crisis that has engulfed the global airline
industry drove cost-cutting efforts and threatened future
Robinsons Land Corp.: The Philippine real estate developer's net
profit rose sharply in the first quarter, supported mainly by
growth in its residential business. However, Robinsons's investment
portfolio took a hit due the lockdown in the Philippines to curb
the spread of Covid-19, and income at the company's malls business
and at its hotels and resorts division also declined.
S4 Capital PLC: The U.K. digital advertising and marketing
services company said both revenue and gross profit rose sharply in
the first quarter despite the impact of the pandemic, and it is
confident it will deliver double-digit like-for-like growth this
SK Telecom: The South Korean wireless-service company's
first-quarter net profit fell 18% from the year before due to
weaker income from its stake in SK Hynix. SK Telecom Co. said the
pandemic slowed the pace of revenue growth, but it still expects
steady growth in future thanks to expanding 5G services and
increasing data usage.
Superdry PLC: The British fashion brand said it won't pay a
dividend for fiscal 2020 and it expects full-year revenue to fall
significantly as the pandemic has slashed sales in the fourth
Tegna Inc.: The broadcasting company reported higher profit and
revenue for the first quarter, driven by subscriptions and
political-advertising spending, which it said could help offset the
downturn in non-political advertising amid the pandemic.
Telefonica SA: The Spanish telecommunications company said its
net profit and revenue for the first quarter of 2020 dropped
year-on-year as the pandemic put higher pressure on its B2C and B2B
ViacomCBS Inc.: The media company -- a combination of Viacom
Inc. and CBS Corp. that closed in December -- reported lower
revenue, driven by weaker advertising, but ViacomCBS reported
growth in its streaming business as consumers stayed home.
YETI Holdings Inc.: The maker of coolers and insulated drinkware
reported fiscal first-quarter sales and profits that topped
expectations, but it pulled its full-year guidance amid a sharp
drop in sales due to the pandemic.
(END) Dow Jones Newswires
May 07, 2020 18:24 ET (22:24 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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