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Hewlett Packard Enterprise Company NYSE:HPE NYSE Common Stock
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  0.00 0.0% 12.30 0 09:12:25

Work-From-Home Tech, Service Providers Excel Amid Pandemic -- Earnings at a Glance

21/05/2020 11:18pm

Dow Jones News


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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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