Companies that produce goods and services that assist customers
in their efforts to work or play from home benefited from
shelter-in-place orders during the Covid-19 pandemic. More
retailers and consumer brands reported challenges.
Earlier, financial companies involved in trading reported higher
assets under management in the first three months of the year,
while some expect the pandemic to hit their bottom lines.
Earnings reported after the bell Thursday:
Deckers Brands Inc.: The company behind Ugg boots, Teva sandals
and other footwear, said it won't provide guidance for its fiscal
2021 year after having to close stores in March and amid sourcing
challenges due to the pandemic.
Hewlett Packard Enterprise Co.: The financial technology company
swung to a second-quarter loss, declined to give financial
projections and said it would cut top executives' salaries by 20%
to 25% as the pandemic hit results.
Intuit Inc.: TurboTax owner reported that revenue fell 8.3% in
the third quarter, hurt by the federal government's two-month
extension on tax filings because of the pandemic.
Nvidia Corp.: The graphics chip-making giant posted strong
growth in its computer gaming and remote computing services amid
stay-at-home measures during the pandemic.
Palo Alto Networks Inc.: The cybersecurity company beat
expectations for its latest quarter as companies tapped its
security products to ensure employees could work from home amid the
pandemic.
Ross Stores Inc.: The retailer posted a loss for the first
quarter, missing expectations and suspended its quarterly dividend
amid store closures in response to the pandemic.
Splunk Inc.: The data technology company's losses widened in the
as costs and expenses climbed, although sales rose in its
cloud-services segment as the company helped customers shift their
organizations digitally following work-from-home orders.
Earnings reported earlier Thursday:
AJ Bell PLC: The U.K. brokerage reported a small rise in assets
under management for the first half of fiscal 2020, as well as a
significant rise in pretax profit and revenue, and said it was
confident for the future despite the coronavirus.
Assicurazioni Generali SpA: The Italian insurance company vowed
to slash costs to mitigate the effect of the pandemic, which is
expected to hit its bottom line this year after impairments related
to the virus led to an 85% drop in first-quarter profit.
IntegraFin Holdings PLC: The British financial-platform provider
reported a rise in funds under direction and pretax profit for the
first half of fiscal 2020 but warned of the financial effects of
the pandemic.
Investec PLC: The financial-services company, listed in London
and Johannesburg, reported a 40% fall in pretax profit for fiscal
2020 and expected to book credit losses of about 105 million pounds
($128.5 million) due to the economic hit of the pandemic.
Other earnings reported Thursday, at a glance:
Bajaj Auto Ltd.: The Indian auto maker's fourth-quarter net
profit fell 3.9% due to weaker domestic sales. The nationwide
lockdown to contain the Covid-19 outbreak wiped out several days of
Bajaj Auto's operations, and it expected to see the continued
impact in the near future as production hasn't recovered fully.
Best Buy Co.: The Minnesota-based retailer reported weaker sales
and earnings for its latest quarter after closing stores to combat
the spread of the coronavirus, but it performed better than
expected amid a jump in online orders.
BJ's Wholesale Club Holdings Inc.: The Massachusetts-based
warehouse club chain's profit more than doubled in its first
quarter, beating Wall Street estimates as revenue increased due to
higher demand for coronavirus-related items.
Brady Corp.: The Wisconsin-based manufacturing company withdrew
its guidance for the fiscal year after reporting a 61% drop in
third-quarter earnings. Brady Chief Executive and President J.
Michael Nauman said demand for its products fell in late March and
April "as a result of the challenging macro environment."
Capital Senior Living Corp.: The U.S. senior-housing operator
said uncertainty around Covid-19 and anticipated operating losses
and negative cash flows pose a threat to its ability to stay in
business over the next year.
Countrywide PLC: The U.K. estate agent said its 2019 pretax loss
narrowed after it booked lower costs and it was unable to provide
financial guidance due to the pandemic.
Genting Bhd.: The Malaysian conglomerate swung to a loss in the
first quarter, as the group's resorts were temporarily shut from
mid-March due to the pandemic.
Henry Boot PLC: The construction-and-property development
business reported a slightly higher pretax profit for 2019 driven
by its land-promotion business but also warned of the coronavirus
hit this year and cut its dividend.
Hormel Foods Corp.: The meats and foods company recorded a
second-quarter profit in line with analysts' expectations as Hormel
faced some temporary costs associated with operations during the
pandemic.
Inchcape PLC: The U.K. car dealership canceled its final
dividend for 2019 and its share buyback program as the pandemic hit
sales in recent months.
Kape Technologies PLC: The cybersecurity company said the
pandemic has boosted demand for its security services and it
remains on track to deliver its 2020 expectations.
KRM22 PLC: The London-based technology and software company said
it is confident it will deliver on its growth and adjusted earnings
plans despite the pandemic and related risks and uncertainties, as
it posted a widened pretax loss for 2019.
Medtronic PLC: The U.S.-listed medical-technology company said
its profit and sales for the fiscal fourth quarter fell as medical
procedures were delayed due to the pandemic.
Oxford Metrics PLC: The U.K. software company turned a pretax
loss for the first half of fiscal 2020 and withdrew its guidance
for the year due to the pandemic.
Pendragon PLC: The U.K. motor dealership said trading had been
strong until March, but the pandemic and lockdown has since caused
Pendragon to record underlying pretax losses in the first
quarter.
Pets at Home Group PLC: The U.K. pet-care group reported a rise
in pretax profit for fiscal 2020 on higher revenue but said the
pandemic has hurt trading in April this year and it expects
first-half results to decline year-over-year.
Sime Darby Bhd.: The Malaysian conglomerate's net profit for the
third quarter fell 48%, as its sales in China slowed due to the
pandemic.
SM Investments Corp.: The Philippine conglomerate's
first-quarter net profit fell after its mall business, which
accounts for 47% of revenue, experienced a decline in income as
many shopping centers temporarily closed during the coronavirus
lockdown in the Philippines.
Tate & Lyle PLC: The food-and-beverage-ingredients company
reported a rise in pretax profit for fiscal 2020 on increasing
revenue across all divisions but said the pandemic hurt trading in
April, with a 26% decline in bulk sweetener volumes and a 9% fall
in industrial starch volumes last month.
TJX Cos.: The parent of T.J. Maxx and Marshalls wrote down its
inventory by about $500 million for the first quarter after closing
locations because of the pandemic.
Tongcheng-Elong Holdings: The Chinese online travel agency swung
to a net loss in the first quarter as Covid-19 lockdowns curtailed
demand for bookings of hotel rooms and tickets.
Whitbread PLC: The owner of budget hotel chain Premier Inns
plans to raise 1.01 billion pounds ($1.24 billion) via a rights
issue that will strengthen its balance sheet and provide further
liquidity during the pandemic and reported a 28% rise in fiscal
2020 pretax profit.
(END) Dow Jones Newswires
May 21, 2020 18:03 ET (22:03 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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