Drop in Travel Hurts Airlines -- Earnings at a Glance
Airlines, one of the first sectors hit by the coronavirus
pandemic, are seeing higher cargo revenue although travel
restrictions and passengers' worries about Covid-19 continue to
weigh on results.
International Consolidated Airlines Group SA, the owner of
British Airways and other carriers, posted its biggest half-year
loss on record and outlined lower capacity plans for the remainder
of the year.
IAG said it doesn't expect passenger demand to recover to 2019
levels until at least 2023.
In the second quarter, a drop in commercial bookings was partly
offset by a 31% increase in cargo revenues.
Air Canada also turned a second-quarter loss as demand slumped
amid the pandemic. The total passengers carried dropped 96%
year-over-year, though Air Canada said cargo revenue was up 52% in
Big oil companies endured one of their worst quarters ever and
are positioning themselves for prolonged pain as the pandemic saps
global demand for fossil fuels.
Exxon Mobil Corp. posted its second consecutive quarterly loss
for the first time this century. Exxon, the largest U.S. oil
company, hadn't reported back-to-back losses for at least 22 years,
according to Dow Jones Market Data, whose figures extend to
Chevron Corp. lost $8.3 billion in the second quarter, down from
$4.3 billion in profits during the same period last year, its
largest loss since at least 1998. The U.S. company wrote down $5.7
billion in oil and gas properties, including $2.6 billion in
Venezuela, citing uncertainty in the country ruled by strongman
Nicolás Maduro. Chevron also said it lowered its internal estimates
for future commodity prices.
Other earnings reported Friday:
BNP Paribas SA: The investment bank arm of France's
largest-listed bank by assets said heavy client activity boosted
the performance of its markets operations, which helped absorb a
sharp increase in provisions against potential losses from
borrowers also seen at many peers.
BT Group PLC: The U.K. telecommunications company's
first-quarter revenue fell 6.7%, following other operators that
have struggled to capitalize on increased reliance on their service
during coronavirus lockdowns. BT attributed the decline to lower
revenue from BT Sport following cancellation of live sporting
events and a reduction in business activity in its enterprise
CBOE Global Markets Inc.: The Chicago-based company, which runs
financial exchanges, recorded stronger revenue and a higher profit
in the latest quarter as financial turbulence during the pandemic
led to greater trading volumes.
Caterpillar Inc.: The maker of equipment for mining companies
and builders said its revenue in the U.S. dropped more than 40% in
the second quarter, but Caterpillar sought to reassure investors
with the pile of cash it has amassed to ride out the coronavirus
Colgate-Palmolive Co.: The consumer-goods company reported a
roughly 1% rise in net sales in the latest quarter as demand for
soap and cleaners remained elevated during the pandemic.
Fiat Chrysler Automobiles NV: The Italian-American car maker
swung to a net loss for the second quarter, putting pressure on
Fiat Chrysler to improve its performance or risk a renegotiation of
the terms of its merger with Peugeot maker PSA Group.
Goodyear Tire & Rubber Co.: The tire company swung to a
second-quarter loss as tire volumes declined during the
Japan Tobacco Inc.: The company's first-half net profit fell 24%
from a year earlier, reflecting sharply reduced domestic sales as a
result of restrictions on movement to contain the spread of
Murata Manufacturing Co.: The Japanese electronics-parts maker's
first-quarter net profit fell 15% due partly to weaker demand for
smartphones and cars amid the pandemic.
Nokia Corp.: The Finnish company said its key networks unit saw
a 10% fall in sales as coronavirus disruptions hit sales, but
overall profitability rose amid stronger margins from a favorable
product mix, an increase in sales to North America and a lower
proportion of sales in China.
Pinterest Inc.: The photo-sharing platform said its
second-quarter net loss narrowed as it gained customers spending
more time at home because of the pandemic.
ProSiebenSat.1 Media SE: The German broadcaster swung a net loss
for the second quarter, mainly due to declines in the company's
advertising business amid the pandemic.
Swiss Re AG: The Swiss reinsurer turned a loss in the first half
of the year due to coronavirus-related claims and reserves but said
it is confident about the rest of 2020.
Under Armour Inc.: The sportswear retailer's sales declined
significantly in the second quarter because of the pandemic but
weren't as bad as Under Armour was expecting.
Write to Rose Manzo at email@example.com
(END) Dow Jones Newswires
July 31, 2020 11:54 ET (15:54 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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