Technology Companies See Stronger Results — Earnings at a Glance


Earnings reported after the bell Tuesday showed Advanced Micro Devices, Akamai Technologies and Seagate Technology were among companies reporting improved quarterly earnings despite headwinds from the Covid-19 pandemic.

Earlier in the day, the pandemic led to a surge in demand for Reckitt Benckiser Group’s Lysol and 3M’s N95 masks.

Earnings reported after the bell, at a glance:

Advanced Micro Devices Inc.: The chip company reported second-quarter earnings that beat expectations and increased its full-year forecast despite the COVID-19 pandemic.

Akamai Technologies Inc.: The company reported higher second-quarter results, driven by its security solutions segment amid the coronavirus pandemic.

Seagate Technology PLC: The company reported higher revenue for the quarter and year ended in June, reflecting higher demand for mass capacity storage, despite business disruption tied to the coronavirus pandemic.

Amgen Inc.: The biotechnology company said the Covid-19 pandemic weighed on demand for a number of its therapies as patients weren’t able to visit doctors but newer products helped it deliver both sales and volume growth.

Boyd Gaming Corp.: The casino operator said its second-quarter net loss widened as it reopened properties at the end of the quarter but visitation and revenues remain weak.

CH Robinson Worldwide: The largest freight broker in North America beat second-quarter expectations despite coronavirus-driven volatility that drove down pricing in its core truck brokerage unit.

Container Store Group Inc.: The home-goods retailer said online sales for its latest fiscal period almost tripled compared to the same period last year as consumers opted for digital orders with stores closed due to the Covid-19 pandemic and people in many parts of the U.S. stuck at home.

Ebay Inc.: The commerce company said its second-quarter profit and revenue picked up, reflecting stronger activity in the digital marketplace during the quarter with many people stuck at home as the coronavirus spread.

Equity Residential: The Chicago-based landlord said it collected on average 97% of rents for the second quarter, a pace that comes as the economy grapples with a recovery from coronavirus-related shut downs earlier this year.

FireEye Inc.: The cybersecurity company’s quarterly results and outlook topped Wall Street estimates as demand for services remained high during the Covid-19 pandemic.

Massachusetts Pension: Private-equity returns turned negative in the second quarter for the Massachusetts state pension fund’s portfolio, reflecting the coronavirus pandemic’s economic effects, according to a presentation to executives who oversee the assets.

Mondelēz International Inc.: The maker of Oreo cookies, Toblerone chocolate and Ritz crackers said tough lockdowns to fight the coronavirus in emerging markets have hurt sales of its cookies and snacks.

Starbucks Corp.: The coffee giant reported its steepest earnings per share losses in more than a decade as a result of lower sales and higher costs stemming from the pandemic. Global same-store sales plunged by 40% in the quarter ending in June, and the Seattle-based chain reported a loss of $704 million, down around 17% from a year earlier.

Visa Inc.: The largest U.S. card network said a drop in payments activity pushed its earnings down 23% in the quarter that ended in June. Credit-card payments volume dropped 20%. Debit-card payments volume rose 3%.

Earnings reported earlier Tuesday:

3M Co.: The U.S. maker of industrial, safety and consumer products suffered a sharp sales drop while many factories, offices and dentists remained closed, offsetting gains from high demand for N95 masks and home-improvement supplies.

Aboitiz Equity Ventures: The Manila-based conglomerate’s net profit fell 63% in the second quarter from a year earlier as the pandemic cut into demand for electricity at its power business.

Canon Inc.: The Japanese camera and electronics maker reported an 80% drop in net profit for the first half of the year due to the pandemic’s impact on its businesses and a stronger Japanese yen.

Card Factory PLC: The U.K. card, dressing and gift retailer said its sales are exceeding the board’s expectations now that all but three of its stores have reopened following the easing of coronavirus restrictions. Continued restrictions will hurt the sales of wedding and party cards, the company said.

Centene Corp.: The company, the biggest U.S. provider of managed Medicaid and ACA plans, said its profit and revenue rose for the second quarter as shelter-in-place measures due to the Covid-19 pandemic led to fewer visits to the doctor for elective care, a boost for the company.

Davide Campari-Milano SpA: The Italian maker of Campari and Aperol said net profit and sales fell in the first half as core markets suffered the effects of coronavirus.

Delivery Hero AG: The German company saw orders in the second quarter almost double to 280.6 million from 144.2 million as the pandemic lockdowns encouraged people to seek food deliveries. “After an initial drop from March until May due to Covid-19, Delivery Hero’s order growth is back on track,” the company said. “Continuing at this pace, 2020 is set to be the first year in which Delivery Hero will total more than one billion orders on its platforms.”

Elementis PLC: The U.K. specialty-chemicals company swung to a loss for the first half of the year, blaming the pandemic for a significantly weak second quarter.

Endesa SA: The Spanish utility company, which is part of Enel SpA, reported net profit and earnings rose in the first half of the year. Endesa said it absorbed the majority of Covid-19-related effects in the first half of the year and it doesn’t expect a further significant impact in the second half.

Fanuc Corp.: The world’s largest industrial robot maker said its first-quarter net profit fell 61% compared with the same period a year earlier due to a challenging business environment amid the pandemic and strained U.S.-China relations.

Foxtons Group PLC: The London estate agent reported a widened pretax loss for the first half of the year on revenue that fell due to the pandemic lockdowns.

Franklin Resources Inc.: The asset management behind Franklin Templeton said investment-management fees slumped in its latest quarter, a period marked by volatility in markets as the coronavirus shut down economies.

Greggs PLC: The on-the-go food retailer swung to a pretax loss in the first half of 2020 as the pandemic significantly hurt revenue in the period but reported that sales have been recovering post-lockdown.

Harley-Davidson Co.: The company said demand for its motorcycles fell off in the second quarter as consumers pulled back on spending due to coronavirus-related lockdowns that hit many of its key markets.

Hoya Corp.: The Japanese optical products maker said its first-quarter net profit fell 14% due to weaker sales of eyeglasses and medical equipment amid the pandemic.

JetBlue Airways Corp.: The airline said its revenue for the second quarter fell 90%, swinging to a loss, as bookings remained choppy amid the pandemic despite an improvement in demand from April lows.

Kweichow Moutai Co.: The Chinese liquor maker’s first-half net profit climbed 13%, supported by a change in its product mix that pushed overall revenue higher. Chinese distilled liquor, or Baijiu, was among the first sectors to recover as China emerged from the coronavirus pandemic in March. Higher sales helped Moutai’s first-quarter net profit grow 17%.

Laboratory Corp. of America Holdings: The provider of clinical laboratory and end-to-end drug development services reported second-quarter revenue that came in above analysts’ estimates but remains negatively affected by the pandemic.

Lamb Weston Holdings Inc.: The producer and distributor of french fries and other potato products swung to a loss and posted lower sales for the fiscal fourth quarter as shelter-in-place measures due to the pandemic compressed demand for its products, which are often served at restaurants.

Manila Electric Co.: The Philippine utility’s first-half net profit fell 43% on lower demand for electricity due to the Covid-19 restrictions.

McDonald’s Corp.: The burger giant’s profit suffered a deeper-than-expected drop, as the coronavirus shut restaurants around the globe and forced the chain to spend tens of millions of dollars to help keep its franchisees operating.

Moncler SpA: The Milan-listed luxury retailer posted a loss in the first half due to the pandemic.

Moneysupermarket.com Group PLC: The price-comparison website said pretax profit slipped 15% in the first half of 2020 as coronavirus related-disruption led to a fall in revenue, and it expects to face more pressure in the second half.

Nissan Motor Co.: The Japanese auto maker swung to a net loss in its first quarter as the pandemic hit global sales hard.

Peugeot SA: The French car maker’s net profit in the first half of 2020 slumped, while revenue fell as the coronavirus pandemic dealt a heavy blow to the global auto industry. Peugeot expects the automotive market in Europe to contract by 25% in 2020, with 30% in Russia and Latin America, and 10% in China.

Pfizer Inc.: The pharmaceutical company reported growth in its biopharma division in the latest quarter, but overall sales fell amid increased competition in its generic-drug business.

Raytheon Technologies Corp.: The newly merged aerospace company reported a loss for the second quarter as it booked impairment charges, though sales rose 24%.

Reckitt Benckiser Group PLC: The British company’s hygiene arm rose more than 19% on a like-for-like basis from the year earlier. The gain was driven by North America, where Lysol sales jumped over 70%.

(MORE TO FOLLOW) Dow Jones Newswires

July 28, 2020 19:30 ET (23:30 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.



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