Makers of video games benefited from measures to slow the
pandemic as consumers sheltering in place turned to their products
for entertainment. Walt Disney, however, took a big hit from social
distancing measures.
Earlier, e-commerce and packaging companies saw increased demand
in the first three months of the year, as Covid-19 measures boosted
interest in home goods, consumer staples and medical supplies.
Earnings reported after the bell Thursday:
Activision Blizzard Inc.: The videogame giant beat consensus
earnings and sales estimates, saying it saw better-than-expected
results for its key franchises as populations sheltering at home
turned to its various titles for entertainment and social
connection.
Allstate Corp.: Insurance giant said profit fell and revenue
declined, as it logged $210 million in costs for its
Shelter-in-Place Payback program that it adopted as a result of the
pandemic.
DaVita Inc.: Healthcare company reported an increase in profit
and revenue in the first quarter and affirmed its 2020 guidance but
said the Covid-19 pandemic could mean its results "vary materially
from" the company's expectations.
Electronic Arts Inc.: Videogame maker said net income surged to
$418 million, or $1.43 a share, surpassing analyst estimates as
customers turned to its products to occupy themselves while
sheltering at home.
Match Group Inc.: Owner of online-dating platforms said profit
rose in the fiscal first quarter, driven by higher sales and an
increase in activity as shelter-in-place orders drove users to its
apps.
Mattel Inc.: The toy maker posted a 14% drop in first-quarter
sales, as families opted to stock up on board games instead of
toys, unlike competitor Hasbro, which saw sales of Monopoly and
Play-Doh rise.
Occidental Petroleum Corp.: The Texas energy producer reported a
net loss of $2.2 billion as it struggles with an oil glut generated
in part by falling demand as consumers stay home during the
pandemic.
Pinterest Inc.: The social-media platform posted first-quarter
results in line with its recent guidance, but warned it could see
pressure on gross margins as user growth accelerates while
advertising remains soft during the pandemic.
Walt Disney Co.: The damaged caused by social distancing to the
world's largest entertainment company was revealed as it said it
lost $1.4 billion due to the pandemic.
Earnings reported earlier Tuesday:
Adecco Group AG: The Swiss human-resource company said it swung
to a net loss in the first quarter, and recorded a goodwill
impairment for some European countries in the face of difficult
market conditions driven by the coronavirus pandemic.
Alaska Air Group Inc.: The U.S. airline reported a loss in the
first quarter and said demand remains below normal levels. Alaska
Air said the effects of the Covid-19 pandemic on the company have
been unprecedented and demand deterioration has fallen by 90% below
its normal levels.
Beiersdorf AG: The German maker of personal-care products said
sales fell in the first quarter as a result of the coronavirus.
"Our selective cosmetics brand La Prairie has been particularly hit
by the drop in international travel," said Chief Executive Stefan
De Loecker.
BNP Paribas: France's largest bank reported a drop in
first-quarter net profit as it set aside new provisions to prepare
for a flood of customers to default on their loans because of the
pandemic. Like crosstown rival Société Générale SA, companies that
canceled their dividend payments dealt a big hit to BNP Paribas's
equity derivatives unit.
DuPont de Nemours Inc.: The specialty materials and chemical
company posted lower sales and swung to a loss for the first
quarter. The pandemic led to higher demand for personal protective
equipment in the quarter but also disrupted supply chains.
EssilorLuxottica SA: The Ray-Ban owner said first-quarter
revenue fell 10% due to the pandemic and it expects the impact of
the crisis will be stronger in the second quarter.
Fiat Chrysler Automobiles NV: The company reported a net loss
for the first quarter of 2020 and confirmed that its merger with
French car maker Peugeot SA is still under way. The
Italian-American car maker said it was unable to provide guidance
given the uncertainties surrounding the pandemic.
Henry Schein Inc.: The distributor of dental products and other
medical supplies said its profit and sales rose for the first
quarter, though shelter-in-place measures in response to the
Covid-19 pandemic hurt the company's dental business in March.
Hugo Boss AG: The German premium-apparel company said it swung
to a first-quarter loss as the pandemic hit its business and warned
it is anticipating a sharper decline in sales and earnings in the
following quarter.
Illinois Tool Works Inc.: The industrial conglomerate reported a
decline in earnings and revenue in the first quarter. The company
said it is withdrawing its annual guidance for fiscal 2020 due to
the uncertainties regarding the duration and severity of the
pandemic.
Infineon Technologies AG: The German chip maker said late Monday
that its net income for the second quarter of fiscal 2020 fell
year-over-year. "The effects of the coronavirus pandemic are
unprecedented, and the semiconductor industry is significantly
feeling the impact. Also Infineon is not immune to such a massive
slump in the global economy," Chief Executive Reinhard Ploss
said.
Lumentum Holdings Inc. The optical networking and photonic
products company beat fiscal third-quarter profit expectations but
missed on revenue and provided a downbeat outlook, as the pandemic
limited its ability to supply products to customers.
Mallinckrodt PLC: The U.K.-based pharmaceutical company reported
a higher-than-expected adjusted first-quarter profit but warned
that the next quarters would be challenging due to the
pandemic.
Martin Marietta Materials Inc.: The construction materials
supplier said its profit for the first quarter fell. The company
said it is withdrawing its full-year 2020 guidance in light of the
uncertainty presented by the pandemic.
Nestlé (Malaysia) Bhd.: The food company reported a 21% decline
in its first-quarter net profit due to higher commodity costs and
lower sales amid the lockdown measures imposed by the government to
contain the spread of the coronavirus.
Pandora A/S: The Danish jeweler swung to a first-quarter net
loss as the coronavirus forced about 90% of its stores to close
during the quarter.
Regeneron Pharmaceuticals Inc.: The drugmaker posted profit and
sales in its latest quarter that rose above analysts' expectations.
Demand for Regeneron's drugs Eylea, Dupixent and Libtayo drove
growth for the company in the latest quarter despite the
coronavirus pandemic, said Leonard Schleifer, president and chief
executive officer of Regeneron.
Repsol SA: The Spanish energy company's posted a loss in the
first quarter due to a steep drop in oil prices and the widespread
economic damage caused by the coronavirus.
Sealed Air Corp.: The company's first-quarter profit more than
doubled, benefiting from a rise in revenue in the period. Sealed
Air saw a surge in demand for essential goods such as packaged
foods for retail, consumer staples and medical supplies, and a
slowdown in food services and industrial manufacturing, amid the
Covid-19 pandemic.
SJM Holdings Ltd.: The casino operator swung to a loss in the
first quarter. SJM's Macau casinos were closed for 15 days in
February, and the company has been negatively affected by
restrictions on entry to Macau, the curtailment of transportation
channels and pandemic-related requirements.
Sysco Corp.: The food products seller and distributor said
trends started to improve last month but reported a loss for the
third quarter and sales and adjusted earnings that missed estimates
from analysts.
Thai Union Group PCL: The major seafood company's first-quarter
net profit fell 20% from a year earlier due to foreign-exchange
losses and lower contributions from its associate companies. The
company said its U.S. Red Lobster business was hurt by the
pandemic, as restrictions led to closures of dining halls.
Thomson Reuters Corp.: The provider of business-information
services said its profit and sales rose for the first quarter as
recurring revenues flowed in, though it warned that the pandemic
could have a toll on its business.
US Foods Holding Corp.: The food distributor reported an
adjusted profit that missed analysts' forecast for the first
quarter despite about 5% revenue growth year over year. US Foods
said case volume and net sales were negatively impacted by
social-distancing measures and required closures of nonessential
businesses that were put in place the second week of March to
mitigate the spread of Covid-19.
Wayfair Inc.: The e-commerce company's sales jumped 20% in the
March quarter, boosted by millions of Americans buying office
furniture, cookware and other items to shelter in place as the
coronavirus spread. Despite the increase in revenue, Wayfair posted
another quarterly loss.
Xylem Inc.: The water-technology company reported a drop in
first-quarter revenue, citing a decline in orders due to the
pandemic.
(END) Dow Jones Newswires
May 05, 2020 18:17 ET (22:17 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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