Travel Sites Take a Hit from the Pandemic -- Earnings at a Glance

05/07/2020 | 04:24pm

Online travel sites' earnings were the latest to be stung by global restrictions on travel to curb the spread of the new coronavirus in the first three months of the year.

Earlier, first-quarter results of airlines and hotels took a hit, with some signaling the second quarter could be worse.

Earnings reported after the bell Thursday:

Booking Holdings Inc.: The online-travel agency said its adjusted earnings and revenue for the first quarter declined as the Covid-19 pandemic has battered travel and companies scaled back on their advertising spending.

Tripadvisor Inc.: The travel site said it is furloughing about 850 employees, or 22% of its workforce, and swung to a loss for the first quarter as the Covid-19 pandemic battered tourism and travel.

Uber Technologies Inc.: The ride-hailing giant's net loss ballooned in the first quarter as the company was stung by the effects of the coronavirus pandemic and signaled further cost reductions a day after announcing plans to cut about 14% of its staff.

Cognizant Technology Solutions Corp.: Profit fell in the fiscal first quarter on higher expenses and costs, as disruptions stemming from coronavirus lockdown measures cut into revenue in March.

Cushman & Wakefield PLC: The commercial real estate services company said Covid-19 sparked a drop in demand in March and that it is withdrawing guidance for this year because of uncertainty about the future impact of the pandemic.

EOG Resources Inc.: The company said it would cut $1 billion more out of its capital-spending plan for the year, another example of how shale-oil companies are pushing to conserve cash as the Covid-19 pandemic puts tremendous pressure on demand for crude.

Live Nation Entertainment Inc.: The company reported a drop in revenue in the most recent quarter as social-distancing protocols and lockdown orders began squeezing the world's largest concert promoter and ticketing provider.

Roku Inc.: The company's first-quarter revenue beat expectations, helped by pandemic stay-at-home orders.

Teradata Corp.: The company withdrew its outlook for the year and suspended its share buyback program, citing the uncertainty of the Covid-19 pandemic.

Earnings reported earlier Thursday:

Air France-KLM: The Franco-Dutch airline expects its second quarter to be the hardest hit by the coronavirus after it posted a widened first-quarter loss.

Hilton Hotels Corp.: The company said its profit and revenue for the first quarter declined as the Covid-19 pandemic led it to shut hotels.

International Consolidated Airlines Group SA: The airline group -- which houses carriers British Airways, Iberia and Vueling among others -- said it expects its second quarter to be significantly worse than the first quarter due to the pandemic, and that it will defer the delivery of 68 aircraft.

JetBlue Airways Corp.: The U.S. airline swung to a loss for the first quarter and expects capacity to be lower than planned for the second quarter as the pandemic continues to batter tourism and travel.

Trainline Ltd.: The U.K.-based, digital rail-and-coach ticketing platform operator said passenger volumes in the first quarter of fiscal 2021 are down by around 95% due to the pandemic, and its pretax loss for fiscal 2020 widened after booking higher costs.

Other earnings reported Thursday, at a glance:

AmBev SA: The company's profit plunged in the first quarter after people drank less beer in many of the brewer's biggest markets because bars closed down amid social-distancing measures.

AmerisourceBergen Corp.: The drug distributor said its profit and revenue for the fiscal second quarter rose amid demand for pharmaceutical products during the pandemic.

ArcelorMittal: The world's largest steelmaker posted a loss of $1.1 billion in the first quarter and said demand for the metal fell by a third in North America and Europe as the coronavirus pandemic crushed car production, among other factors.

Ares Management Corp.: The firm's private-equity portfolio took a hit in the first quarter, with Ares Management unable to collect a share of the gains from a couple of its funds as the coronavirus pummeled the economy.

Banco do Brasil SA: The Brazilian lender's profit fell in the first quarter as it boosted provisions in preparation for an expected increase in bad loans as the coronavirus crisis slams businesses and consumers.

Bristol-Myers Squibb Co.: The U.S. drug company reported higher first-quarter revenue, helped in part by increased demand for some products tied to the health crisis.

BT Group PLC: The U.K. telecommunications company said it is suspending dividend payments until fiscal 2022 to deal with potential consequences of the pandemic and to fund a new five-year transformation and modernization program.

Colfax Corp.: The diversified technology company reported fiscal first-quarter sales and profit that topped expectations despite demand reductions related to the pandemic.

Continental AG: The German automotive-parts manufacturer said profits slumped for the first quarter and it expects the second quarter to weaken further due to the pandemic and depressed demand from the automotive industry.

Dish Network Corp.: The television provider said severe disruptions for subscribers in some commercial segments led to paused service or temporary rate relief in the first quarter as the new coronavirus spread.

Edgewell Personal Care Co.: The hygiene company reported second-quarter earnings that met analysts' expectations but withdrew its outlook for the year due to the pandemic.

Elanco Animal Health Inc.: The drugmaker said it swung to a loss and revenue fell in the latest quarter as the pandemic took a toll on the amount of product it had on the market.

Electrolux AB: The Swedish home-appliance manufacturer said the coronavirus hit operating income by about 400 million Swedish kronor ($40.7 million) in the first quarter and warned it expects a significant loss in the second quarter.

Equinor ASA: The Norwegian oil company swung to an unexpected first-quarter net loss as earnings were weighed by a slump in oil and gas prices as well as hefty impairments. The company, which is 67%-owned by the Norwegian state, said earnings suffered from "unprecedented market conditions and uncertainties."

Gannett Co.: The largest newspaper chain in the U.S. reported a wider loss for the first quarter as advertising and marketing revenue fell amid the pandemic.

Hain Celestial Group Inc.: The food maker raised its profit forecast for its current fiscal year in part due to higher demand sparked by the pandemic, which has pushed consumers to stock up on food to eat at home.

Hankook Tire & Technology Co.: The South Korean company's first-quarter net profit fell 34% due to weaker global demand for tires as the pandemic hit the car industry hard.

Hess Corp.: The energy company reported an adjusted loss for the first quarter of 2020 as the company recorded more than $2 billion of impairment charges due to the pandemic's effect on energy markets.

Hong Kong Exchanges & Clearing Ltd.: The stock-exchange operator reported a 13% fall in its first-quarter net profit, as pandemic-triggered turmoil in the financial markets led to an investment loss.

Hyve Group PLC: The U.K. events group plans to raise 126.6 million pounds ($158.1 million) in a rights issue after it swung to a pretax loss for the first half of fiscal 2020 due to value write-downs triggered by the coronavirus.

International Container Terminal Services Inc.: The Philippine company's first quarter net profit fell 18% as movement of freight was hurt by pandemic restrictions.

Koninklijke Ahold Delhaize NV: The Netherlands-based owner of grocery chains such as Stop & Shop and Giant Food reported a 48% rise in net profit for the first quarter as it benefited from customer stockpiling and backed its full-year guidance.

Kontoor Brands Inc.: The clothing maker, which owns the Lee and Wrangler brands, said it swung to a loss in the latest quarter as measures to contain the new coronavirus halted in-store sales of its clothing.

LeGrand SA: The French electrical infrastructure manufacturer expects a sharp decline in sales in its second quarter because of the pandemic, after posting lower profit in its first quarter.

Maximus Inc.: The government-services provider posted lower earnings for the second quarter as the pandemic hurt its business.

Muenchener Rueckversicherungs-Gesellschaft AG: Munich Re, the German reinsurance company, said profits slumped in the first quarter due to the high claims burden caused by the pandemic and refrained from updating its profit forecast.

Nintendo Co.: The company beat its forecast for Switch machine sales and said consumers have bought more than 13 million copies of its latest "Animal Crossing" game, evidence that people staying at home during the pandemic are flocking to videogames.

Puma SE: The German sporting-goods company said earnings in its first quarter fell due the pandemic, which it expects to hit its finances harder in the second quarter.

Raytheon Technologies Corp.: The maker of Pratt & Whitney aircraft engines and Patriot missile-defense systems said the rationale for its creation remained intact even as the coronavirus-driven crisis that has engulfed the global airline industry drove cost-cutting efforts and threatened future sales.

Robinsons Land Corp.: The Philippine real estate developer's net profit rose sharply in the first quarter, supported mainly by growth in its residential business. However, Robinsons's investment portfolio took a hit due the lockdown in the Philippines to curb the spread of Covid-19, and income at the company's malls business and at its hotels and resorts division also declined.

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