Tech companies continued to weather the Covid-19 pandemic better
than most, as sales rose at Apple and Amazon.com, but increased
costs dented Amazon's forecasts.
Earlier Thursday, consumer stockpiling related to the pandemic
boosted quarterly results for food companies and makers of cleaning
products.
Here are the earnings reported after the bell Thursday:
Amazon.com Inc.: The online-retail giant saw a surge in sales as
social distancing measures sent customers homebound. Profit fell,
however, due to increased costs as the company spends extra to
protect workers and hit some logistical issues related to the
pandemic.
Apple Inc.: The Cupertino, Calif. company posted slightly higher
revenue as growth in the services business helped to offset lower
sales.
Gilead Sciences Inc.: The biotech firm's earnings topped analyst
estimates and announced that it will expand the manufacturing of
remdesivir, an emerging treatment for patients with serious cases
of Covid-19.
MGM Resorts International Inc.: The casino operator's results
were decimated by casino closures and travel restrictions as the
coronavirus pandemic shut down the bulk of travel in the U.S.
Stryker Corp.: The medical technology company's results beat
estimates but did take a hit from the deferral of medical
procedures as hospitals contend with the pandemic.
United Airlines Holdings Inc.: The airline reported a loss of
$1.7 billion for the quarter as the pandemic has crushed air
travel, but adjusted earnings did beat expectations.
United States Steel Corp.: The steel producer posted a loss on
the quarter, but said it avoided deeper losses as it cut costs to
mitigate the effects the pandemic.
Visa Inc.: The San Francisco-based company posted a higher
quarterly profit despite the pandemic hurting its more profitable
cross-border transactions.
Whirlpool Corp.: The maker of home appliances gave a severely
depressed outlook, predicting a double-digit decline in revenue
this year, as consumers put off buying some appliances because of
the coronavirus pandemic.
Earnings reported earlier Thursday, at a glance:
Church & Dwight Co.: The consumer-products company posted
first-quarter sales and earnings that topped expectations, as the
coronavirus pandemic drove a surge in demand for its cleaning and
health-care products.
Kellogg Co.: The cereal and snacks company reported
better-than-expected adjusted earnings for the first quarter as
consumer purchases during the pandemic drove organic sales
growth.
Kraft Heinz Co.: The maker of Kraft cheeses, Oscar Mayer cold
cuts, Planters nuts and other food products reported higher demand
for many of its products in the first quarter as consumers in the
U.S. snapped up food to eat at home.
Reckitt Benckiser Group PLC: The Lysol maker reported a surge in
first-quarter sales as shoppers stocked up on cleaning products
during lockdowns. While the company expects some of that demand to
unwind, it also said people are likely to continue to clean more
even when they are spending less time at home.
With many people at home due to government lockdowns, demand for
air travel evaporated, leaving airlines with lower profits.
Air China Ltd.: The airline slumped to a loss in the first
quarter as efforts to curb the coronavirus brought global and
domestic travel to a near halt.
American Airlines Group Inc.: The airline lost $2.2 billion in
the first quarter as efforts to curb the coronavirus brought global
travel to a near halt. The virus has derailed what American had
hoped would be a comeback year, after the grounding of Boeing Co.'s
737 MAX stymied growth last year and the airline's operation
stumbled amid strife with its mechanics union.
Japan Airlines Co.: JAL said full-year profit slumped after it
canceled a number of flights.
China Eastern Airlines Corp.: The airline swung to a net loss in
the first quarter as restrictions to contain the spread of Covid-19
hurt demand for business and leisure travel.
Other earnings reported earlier Thursday, at a glance:
1-800-Flowers.com: Revenue in the florist's gourmet foods and
gift baskets segment shot up 27% in its fiscal third quarter, the
most of the company's divisions.
Altria Group Inc.: The Marlboro maker saw a 13% increase in
quarterly revenue but paused the rollout of its new heated tobacco
product because of the coronavirus pandemic. The company expects
cigarette smokers to trade down to cheaper brands as an economic
downturn takes hold.
BASF SE: The German chemicals giant said it expects sales
volumes to decline significantly in the second quarter before a
slow recovery throughout the rest of the year as the coronavirus
pandemic hits the auto industry, its largest customer segment. The
company said it won't meet its full year goals and that reliable
forecasts are impossible.
Bertelsmann SE & Co. KGaA: The German media, services and
education company said revenue for the first quarter of 2020 fell
year-over-year as the coronavirus pandemic weighed on business
since mid-March. The company said revenue fell 2.1%
organically.
Brunswick Corp.: The boat maker said it turned a profit in the
latest quarter above analysts expectations despite a lull in
manufacturing triggered by the coronavirus pandemic.
Comcast Corp. The owner of the Xfinity broadband and cable-TV
business, the NBC broadcast empire, the Universal Pictures movie
studio and Universal Studios theme parks signed up more broadband
customers last quarter than any time in 12 years, but that growth
was more than offset by the coronavirus pandemic's impact on vast
portions of its business, from movie production to theme parks.
Franklin Resources Inc.: The investment manager known for its
Franklin Templeton products reported lower fiscal second-quarter
profit and revenue and a drop in assets under management of more
than $100 billion from the previous quarter, spurred by diminished
investor confidence triggered by the Covid-19 pandemic.
Denso Corp.: The Japanese auto-parts maker said its fiscal-year
net profit fell 73% as the Covid-19 pandemic weighed on its
fourth-quarter revenue.
Glencore PLC: The mining giant lowered its production guidance
across the board due to the coronavirus pandemic after experiencing
declines in copper, cobalt and coal output for the first quarter.
The Anglo-Swiss commodity trading and mining company said it
produced 293,300 metric tons of copper in the first three months of
the year compared with 320,700 tons in the year-earlier period.
Hilton Grand Vacations Inc.: The timeshare company said its
profit and revenue declined for the first quarter as its resorts
and sales centers remained closed amid the Covid-19 pandemic.
Hubbell Inc.: The manufacturer of electrical and electronic
products reported a rise in net profit for the first quarter,
although disruptions from the coronavirus pandemic reduced earnings
per share by 10 cents.
LafargeHolcim Ltd.: The Swiss cement maker's first-quarter
profit and sales fell as the coronavirus pandemic hit business,
with LafargeHolcim forecasting more pain ahead in the second
quarter.
Lloyds Banking Group PLC: The U.K.'s largest retail bank
reported a significant fall in pretax profit for the first quarter
of 2020 due to higher-than-expected impairments and suspended its
previous guidance.
McDonald's Corp.: The fast-food giant said dramatic changes in
consumer behavior since the coronavirus pandemic hurt its profit
and sales.
Meritor Inc.: The U.S. auto-parts maker said second-quarter
sales dropped after it halted manufacturing because of the
coronavirus pandemic.
Molson Coors Beverage Co.: The maker of Coors and Miller beers
said it swung to a loss in the first quarter and said it expects a
significant hit to net sales and profit for the year due to the
coronavirus pandemic, particularly in the second quarter.
Murata Manufacturing Co.: The Japanese electronics parts maker's
fourth-quarter net profit fell 5.9% from a year earlier in part due
to a Covid-19 plant suspension and lower sales at its capacitors
business.
PTT Exploration & Production PCL: The Thai oil explorer and
producer's net profit fell 30% in the first quarter from a year
earlier as collapsing oil prices dragged down sales volumes and
selling prices for its products.
Royal Dutch Shell PLC: The British-Dutch oil giant cut its
quarterly dividend for the first time since World War II as
earnings for the period were dragged down by the collapse in oil
and gas demand and prices.
Société Générale SA: The French lender said it would cut costs
and rework its strategy after bad loan charges tripled in the first
quarter and stock-trading revenue was wiped out by coronavirus
disruption. Clients traded more in volatile markets, but the
transaction fees Société Générale earned on those trades were
offset by poor performance in structured products.
Swiss Re AG: The Swiss reinsurer said it swung to a loss in the
first quarter of the year due to the impact of coronavirus on the
underwriting and investment results. The company said it registered
a net loss of $225 million from a profit of $429 million a year
earlier, while net premiums earned rose to $9.59 billion from $8.93
billion.
Tempur Sealy International Inc.: The mattress company reported
higher earnings and sales in the first quarter, despite material
impacts from the coronavirus pandemic.
Tsingtao Brewery Co.: The Chinese brewer reported a 34% decline
in its first-quarter net profit, as beer sales were severely
impacted due to the Covid-19 pandemic.
Twitter Inc.: The social media company reported its strongest
user growth yet as a public company but also swung to a loss for
the first time in two years as advertisers tightened their budgets
in response to the coronavirus pandemic.
(END) Dow Jones Newswires
April 30, 2020 19:00 ET (23:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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