Auto makers reported results Thursday that showed the drag the
Covid-19 pandemic had on the latest quarter.
Thursday's auto earnings, at a glance:
Daimler AG: The company said preliminary figures show a near 80%
plunge in first-quarter earnings before interest and tax, the
latest example of the pain the coronavirus pandemic is inflicting
on car makers around the world.
Hyundai Motor Co.: The South Korean auto maker's first-quarter
net profit slumped 42% due to lower demand as the coronavirus
Renault SA: The French auto maker is negotiating for billions of
euros in state-backed loans as it starts to reopen plants
world-wide and slash costs to weather the economic crisis caused by
the coronavirus. Renault reported a 19% decline first-quarter
Volvo AB: The Swedish truck maker scrapped its full-year
guidance as truck orders have plunged and the turbulence caused by
the coronavirus has clouded visibility. It said net profit for the
period ended March 31 fell 56%.
Other earnings reported Thursday:
Air Products & Chemicals Inc.: The Allentown, Pa.,
atmospheric gas manufacturer posted higher profit and sales for its
fiscal second quarter as pricing and volume rose, though it expects
more pronounced declines in the third quarter due to the Covid-19
Blackstone Group Inc.: The private-equity giant's first-quarter
results were hit hard by the coronavirus-led market selloff, and
Blackstone's president said he sees the economic recovery taking
some time to gain steam. The firm swung to a loss as declining
markets forced it to write down the value of its investment
portfolio. Its assets under management fell from the prior quarter
for just the third time since the financial crisis.
Canon Inc.: The Japanese camera and electronics maker reported a
30% decline in first-quarter net profit and withdrew its earnings
forecasts for the year, as sales fell across segments amid the
China Overseas Land & Investment Ltd.: The property
company's first-quarter operating profit fell 25%, mostly due to
lower sales caused by the Covid-19 pandemic.
China Telecom Corp.: The state-owned company said its net profit
for the first quarter fell 2.2%, as the coronavirus pandemic hurt
growth in its subscriber base.
Credit Suisse Group AG: The bank, Switzerland's second largest
by assets, joined U.S. banks in sharply raising provisions against
potential losses from borrowers affected by the coronavirus
shutdown, in the first report of first-quarter earnings by a major
Domino's Pizza Inc.: The Ann Arbor, Mich.-based pizza chain
reported a larger-than-expected profit in the first quarter and
said sales growth has accelerated in April as consumers continue to
stay home during the Covid-19 pandemic.
Eli Lilly & Co.: The pharmaceutical company topped revenue
expectations for the first quarter as patient prescriptions amid
the Covid-19 pandemic partially drove sales.
Hermes International SCA: The luxury-goods maker reported lower
first-quarter revenue as its business was hit by the coronavirus. A
decline in revenue is rare for the company, known for its
ultraexclusive Birkin and Kelly handbags. Hermès said all of its
stores around the world are closed except those in greater China
and South Korea due to the coronavirus.
KB Financial Group Inc.: The South Korean company's
first-quarter net profit fell 13% on year due to losses from its
derivatives segment amid market volatility caused by the
coronavirus pandemic and lower net-interest margins.
LG Display: The South Korean company's first-quarter net loss
widened sharply due to reduced output on weaker seasonal demand for
flat-screen televisions and output disruptions caused by the
Mail.ru Group Ltd.: The Russian internet company said its
first-quarter pretax profit declined year-over-year due to a fall
in advertising profit in the wake of the coronavirus pandemic.
Omron Corp.: The Japanese electronics maker's fourth-quarter net
profit fell 75% from a year earlier as lower earnings from
electronics and industrial-equipment businesses outweighed a higher
profit from the health-care business.
Pernod Ricard SA: The maker of Absolut vodka said organic sales
fell 15% for the third quarter of fiscal 2020 as the coronavirus
pandemic hit its business.
Ping An Insurance (Group) Co. of China Ltd.: The Chinese
financial conglomerate's first-quarter net profit plummeted 43%
from a year earlier, as the coronavirus pandemic dealt a blow to
its income from insurance premiums and investment activities.
PulteGroup Inc.: The Atlanta-based home builder reported a
larger-than-expected profit for the first quarter but said the
Covid-19 pandemic slowed consumer traffic and sales activity in
Schneider Electric SE: The French energy-management group said
its first-quarter revenue fell due to the coronavirus pandemic and
its second-quarter results will also take a significant hit.
Societe BIC: The French company, which makes pens, lighters and
razors, reported a sharp drop in first-quarter earnings and
Unilever PLC: The consumer-goods company reported flat sales
growth for the first quarter as the maker of Dove soap and Ben
& Jerry's ice cream said the hit from Covid-19 lockdowns in big
emerging markets such as China and India outweighed stockpiling by
consumers in the U.S.
Write to Rose Manzo at firstname.lastname@example.org
(END) Dow Jones Newswires
April 23, 2020 12:09 ET (16:09 GMT)
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