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 pandemic weighed.

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 revenue.

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 pandemic.

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 coronavirus pandemic.

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 European bank.

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. Herm├Ęs 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 coronavirus pandemic. 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 mid-March.

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 sales.

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


(END) Dow Jones Newswires

April 23, 2020 12:09 ET (16:09 GMT)

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