Alcoa moved to conserve cash and cut capacity due to the
pandemic, while Las Vegas Sands saw its revenue cut in half.
Earlier in the day, consumer-goods makers got a boost as
stay-at-home measures prompted people to stock up.
Wednesday's earnings, at a glance:
Alcoa Corp.: The aluminum maker said it is moving to conserve
cash amid an economic downturn caused by the new coronavirus
pandemic and will curtail capacity at a smelter.
Las Vegas Sands Corp.: The casino operator reported a 51% drop
in revenue, with Las Vegas shut down in response to the coronavirus
pandemic and reopened casinos in Macau struggling to recover.
Netgear Inc.: The maker of networking products said it lost $4
million, or 14 cents a share, versus a profit of $13 million, or 39
cents a share, in the year-ago quarter. Adjusted for one-time
items, Netgear said it earned 21 cents a share, compared with 60
cents a share a year ago. The quarter was "challenging" due to
COVID-19 and the company endured "supply and demand disruptions
around the world on a rolling basis."
Kimberly-Clark Corp.: Sales at the seller of Scott and
Cottonelle toilet paper and Kleenex jumped to slightly more than $5
billion in the first quarter as consumers stockpiled paper
products.
Silgan Holdings Inc.: The company reported first-quarter profit
growth, citing higher volumes for its consumer-goods packaging
products during the Covid-19 crisis.
ACC Ltd.: The Indian cement maker's first-quarter net profit
fell 6.7% after it had to shut its plants during the government
lockdown of the nation to curb the spread of Covid-19. ACC said
cement sale volumes during the quarter fell 12%.
Akzo Nobel N.V.: The Dutch paints-and-coatings company said
revenue for the first quarter fell due to the coronavirus
pandemic's effect on end-market demand, and that the virus will
have a significant impact during the second quarter.
Amphenol Corp.: The electronics manufacturer reported lower
sales and a weaker profit for the first quarter as it navigated the
Covid-19 pandemic.
ASM Pacific Technology Ltd.: The semiconductor equipment
company's first-quarter net profit dropped 79% after incurring
HK$61.3 million (US$7.9 million) in coronavirus-pandemic-related
expenses and booking lower contributions from its industrial
printer and semiconductor solutions business.
AT&T Inc.: The telecommunications company warned that the
coronavirus crisis is clouding its financial outlook as
cash-strapped customers spend less and TV production grinds to a
halt. It withdrew the financial targets it gave investors in
November, citing the economic uncertainty caused by the recent wave
of job losses.
Baker Hughes Co.: The oilfield-services company recorded a net
loss of $10.21 billion in the first quarter as it grappled with
sharply lower oil prices and the coronavirus pandemic.
Bangkok Bank PCL: The Thai lender said its first-quarter net
profit fell 15% partly due to fair-value losses from financial
instruments, as concerns about business disruption due to the
Covid-19 pandemic weighed on markets.
Biogen Inc.: The drugmaker reported first-quarter earnings that
exceeded analysts' expectations amid an uptick in sales and the
coronavirus pandemic.
China International Travel Service Corp.: The Chinese tourism
company said it swung to a net loss in the first quarter, as a
slump in visitor numbers decimated sales at its tax-free shops.
Delta Air Lines Inc.: The airline reported its first quarterly
loss in more than five years, as the coronavirus pandemic ravaged
the travel industry.
Ericsson AB: The Swedish telecom equipment company reported
lower net profit in the first quarter, saying it felt limited
impact from the new coronavirus while cautioning the general
economic slowdown caused by the pandemic could lead some operators
to delay investment programs.
Heineken NV: The Dutch brewer reported a sharp drop in net
profit for the first quarter due to a pandemic-induced volume drop
in March and said limited benefits came from its mitigating
actions.
Nasdaq Inc.: The exchange operator noted a surge of trading
volume related to the COVID-19 pandemic and posted first-quarter
revenue that beat analysts' estimates.
Quest Diagnostics Inc.: The lab company said its profit for the
first quarter fell as testing volumes, including for Covid-19,
slumped in March.
Randstad N.V.: The Dutch recruitment company reported a 64% fall
in net profit for the first quarter of the year after booking an
impairment charge against the acquisition of Monster and on lower
revenue. Randstad said organic revenues per working day fell 3%-4%
during the quarter until the first half of March and then fell
around 30% in the second half of the month due to the escalating
Covid-19 impact.
Roche Holding AG: The Swiss pharma giant's sales rose in the
first quarter, driven by its pharamceuticals division. Roche said
global supply chains for medicines and tests remain intact in spite
of the coronavirus pandemic and market volatility had a limited
impact on its performance in the first quarter.
STMicroelectronics NV: The European chip maker saw higher
first-quarter revenue but fell short of its own target. "The
Covid-19 outbreak and subsequent containment measures by
governments around the world brought challenges in our
manufacturing operations and, especially in the last few days of
the quarter, logistics," Chief Executive Jean-Marc Chery said.
Suntec Real Estate Investment Trust: The Singapore REIT's
first-quarter net property income fell 7.2% on year as a result of
measures that were put into place to contain the spread of the
coronavirus pandemic.
Svenska Handelsbanken AB: The Swedish bank posted a 17% drop in
first-quarter net profit as it took higher credit loss provisions
and other financial adjustments in light of the coronavirus.
Telia Co. AB: The Nordic telecommunications operator reported a
38% fall in net profit for the first quarter of the year as it
booked higher costs. The pandemic-inspired economic downturn
resulted in lower advertising revenue for its TV & Media unit,
which was also affected by the suspension of live sport
broadcastings.
(END) Dow Jones Newswires
April 22, 2020 18:11 ET (22:11 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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