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Pandemic Spoils Food Industry Results -- Earnings at a Glance

07/29/2020 | 04:24pm

Earnings reported after the bell Wednesday showed how the coronavirus pandemic has upended the food industry.

Yum China Holdings Inc., which runs more than 9,000 KFCs, Pizza Huts and other restaurants in China, reported lower results for the June quarter. Company officials said that most of Yum's locations in China have reopened, but warned that the pace of the recovery was uneven, with Eastern China rebounding faster. Northern China was notably slower, the company said, adding that transportation and tourist locations continue to experience significant year-over-year traffic declines.

Chicken-producer Pilgrim's Pride Corp. swung to a second-quarter loss, with company officials saying they had seen lower demand in the U.S. and Mexico for parts and whole-birds, which are typically bound for restaurants, and prepared food that is usually distributed to schools. They said European business experienced less of an impact because it is more retail focused.

Cheesecake Factory managed to lose less than expected in its second-quarter earnings, even as the coronavirus pandemic continued to hammer sales. The company said same-store sales slumped 58% for the quarter.

Earlier in the day, companies providing do-it-yourself products benefited as the Covid-19 pandemic has kept millions of people in their homes.

Blue Apron Holdings Inc., which ships meal ingredients to customers, said it turned a profit for the second quarter as demand for meal kits rose amid shelter-in-place measures. The results mark the company's first quarterly profit since it went public in 2017, according to FactSet.

Scotts Miracle-Gro Co. said its profit and sales for the fiscal third quarter rose as it saw higher demand for lawn and garden products amid the pandemic, leading it to raise its full-year guidance.

Also Wednesday, some of Europe's biggest lenders revealed the extent of the pandemic's impact on their businesses. Germany's Deutsche Bank AG, the U.K.'s Barclays PLC and Spain's Banco Santander SA reported higher loan-loss charges in the second quarter as their customers struggle to repay debts and unemployment rises across the regions in which the banks operate.

Earnings reported after the bell, at a glance:

Cognizant Technology Solutions Inc.: The professional-services firm expects slightly lower revenue in fiscal 2020 as it takes into account the effects of its exit of certain content-services businesses and the Covid-19 pandemic.

Equinix Inc.: The data-center landlord said revenue rose to $1.47 billion from $1.38 billion a year earlier. Analysts expected $1.46 billion. Chief Executive Charles Meyers said in a statement: "The Equinix business continues to perform well and show resiliency through these times of uncertainty, enabling us to remain focused on the clear set of priorities we laid out at the beginning of the year-investing in our people, evolving our platform and service portfolio to meet the changing needs of customers, expanding our go-to-market engine to fuel long-term growth, and simplifying our business to drive operating leverage and enhance our customer experience."

Lam Research Corp.: The chip maker posted a higher second-quarter profit and stronger sales even as the Covid-19 pandemic hampered economies around the world during the period.

PayPal Holdings Inc.: The digital payments company reported strong financial results in the second quarter and reinstated financial projections for the year, fueled by the increase in digital payments amid the coronavirus pandemic.

Qualcomm Inc.: The wireless chip maker reported a drop in June-quarter results on lower handset shipments amid the coronavirus pandemic but fourth-quarter guidance reflects a long-term patent license agreement with Huawei Technologies Co.

Sprouts Farmers Markets Inc.: The company said the coronavirus pandemic drove a 9.1% increase in in-store sales in the second quarter.

Other earnings reported Wednesday:

ANA Holdings Inc.: The Japanese airline swung to a net loss in its first quarter as the pandemic battered demand for travel.

Anthem Inc.: The U.S. health insurer said its profit and revenue for the second quarter climbed as it saw a deferral in elective health care due to the pandemic.

Aston Martin Lagonda Global Holdings PLC: The British luxury car maker reported a wider pretax loss for the first half of the year as coronavirus lockdowns forced dealers and factories to close.

Axalta Coating Systems Ltd.: The coatings and paint company said it is cutting jobs as the economic fallout from Covid-19 eats into customer demand and puts heightened pressure on its sales and profit.

Boeing Co.: The U.S. aerospace company said it would cut production of commercial jets and shrink its workforce further as the pandemic deepens its toll on the global aviation industry. Boeing lost $2.4 billion in the second quarter, reflecting the impact of the pandemic as well as the prolonged grounding of the 737 MAX aircraft following two fatal crashes.

Breedon Group PLC: The U.K. construction-materials company swung to a pretax loss in the first six months of the year as the coronavirus lockdown prompted an immediate fall in demand but added its market was improving.

CDL Hospitality Trusts: The Singapore-based trust said its first-half net property income fell 56% from a year earlier as pandemic restrictions on travel cut into hotel occupancy.

Dairy Farm International Holdings Ltd.: The pan-Asian retailer posted a lower profit for the first half of the year, citing the pandemic, and cut its dividend for the period.

Dignity PLC: The U.K. funeral services company swung to a pretax loss in the first half of 2020 despite a rise in deaths due to the coronavirus, as higher volumes were offset by lower average incomes.

Dine Brands Global Inc.: The Applebee's and IHOP restaurant owner swung to a second-quarter loss as sales remain significantly below last year's despite a recovery trajectory from when the pandemic caused widespread shutdowns earlier this year.

Dr. Reddy's Laboratories Ltd.: The Indian drugmaker's first-quarter net profit fell 13% from a year earlier as Covid-19 restrictions drove sales volumes lower.

Dynatrace Inc.: The software-intelligence provider swung to a profit in the fiscal first quarter of 2021 as it rode the cloud-adoption wave spurred by the pandemic that helped drive sales 27% higher.

Eaton Corp.: The Dublin-based power-management company recorded falling sales in the second quarter as the pandemic disrupted demand, but its revenue and adjusted profit were higher than analysts had forecast.

Garmin Ltd.: The Switzerland-based company reported lower profit and sales for the second quarter as the maker of navigation systems for cars, boats and planes said it is starting to rebound from April lows.

General Dynamics Corp.: The company, which makes Gulfstream business jets and combat systems, recorded second-quarter revenue and earnings results that ticked above analysts' expectations, as its aircraft deliveries edged higher despite continued challenges from the pandemic.

General Electric Co.: The company posted a roughly $2 billion quarterly loss as revenue tumbled 24%, hurt by a steep decline in a jet-engine business that has been hobbled by the pandemic.

General Motors Co.: The company posted a $758 million second-quarter net loss mostly due to factory shutdowns in its home U.S. market, although resilient sales of pricey pickup trucks propelled results beyond analysts' forecasts.

Heathrow Airport: The London airport, which is jointly owned by the Qatar Investment Authority, China Investment Corporation, Spain's Ferrovial SA and other investment companies, swung into a pretax loss for the first half of 2020 due to the pandemic. The company expects passenger numbers in 2020 to fall by at least 60% compared with last year despite a gradual recovery as countries open borders.

InterGlobe Aviation Ltd.: The operator of Indian budget airline IndiGo said it swung to a net loss in the first quarter, as the pandemic severely restricted its operations.

Jupiter Fund Management PLC: The money manager reported a fall in pretax profit for the first half of 2020 due to a reduction in net management fees, as the pandemic drove down assets under management.

Kao Corp.: The Japanese maker of soap and other consumer goods said its first-half net profit fell 12%, as the pandemic hit its cosmetics business hard.

Lancashire Holdings Ltd.: The Bermuda-based, London-listed insurance company reported a pretax loss for the first six months of 2020 despite a rise in both net and gross premiums as the coronavirus dragged its results.

Maruti Suzuki India Ltd.: The Indian auto maker swung to a net loss in its first quarter, as the pandemic hurt its operations and sales.

Novatek: The Russian energy company said pretax profit for the second quarter of the year plummeted as the pandemic hit demand and the oversupply of crude oil drove down oil prices.

Prada SpA: The Italian luxury-fashion company turned a first-half loss as its activities were hit by the pandemic, but it hopes for a return to profitability in the last six months of the year.

Puma SE: The German sporting-goods company swung to a loss in the second quarter and said it still couldn't provide guidance for the year due to the pandemic.

Saia Inc.: The U.S. trucking provider reported weaker second-quarter revenue and earnings, reflecting how the pandemic created disruptions for its business and customers.

Singapore Airlines Ltd.: The Singaporean airline swung to a net loss in the first quarter, as demand for its services evaporated due to travel restrictions and border controls imposed world-wide.

Six Flags Entertainment Corp.: The amusement-park operator reported a second-quarter net loss that was wider than the first quarter's, as its parks spent most of that period closed because of the pandemic.

(MORE TO FOLLOW) Dow Jones Newswires

07-29-20 1824ET

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