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Videogame Makers Benefit as Consumers Stay Home -- Earnings at a Glance

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05/05/2020 | 04:17pm EDT

Makers of video games benefited from measures to slow the pandemic as consumers sheltering in place turned to their products for entertainment. Walt Disney, however, took a big hit from social distancing measures.

Earlier, e-commerce and packaging companies saw increased demand in the first three months of the year, as Covid-19 measures boosted interest in home goods, consumer staples and medical supplies.

Earnings reported after the bell Thursday:

Activision Blizzard Inc.: The videogame giant beat consensus earnings and sales estimates, saying it saw better-than-expected results for its key franchises as populations sheltering at home turned to its various titles for entertainment and social connection.

Allstate Corp.: Insurance giant said profit fell and revenue declined, as it logged $210 million in costs for its Shelter-in-Place Payback program that it adopted as a result of the pandemic.

DaVita Inc.: Healthcare company reported an increase in profit and revenue in the first quarter and affirmed its 2020 guidance but said the Covid-19 pandemic could mean its results "vary materially from" the company's expectations.

Electronic Arts Inc.: Videogame maker said net income surged to $418 million, or $1.43 a share, surpassing analyst estimates as customers turned to its products to occupy themselves while sheltering at home.

Match Group Inc.: Owner of online-dating platforms said profit rose in the fiscal first quarter, driven by higher sales and an increase in activity as shelter-in-place orders drove users to its apps.

Mattel Inc.: The toy maker posted a 14% drop in first-quarter sales, as families opted to stock up on board games instead of toys, unlike competitor Hasbro, which saw sales of Monopoly and Play-Doh rise.

Occidental Petroleum Corp.: The Texas energy producer reported a net loss of $2.2 billion as it struggles with an oil glut generated in part by falling demand as consumers stay home during the pandemic.

Pinterest Inc.: The social-media platform posted first-quarter results in line with its recent guidance, but warned it could see pressure on gross margins as user growth accelerates while advertising remains soft during the pandemic.

Walt Disney Co.: The damaged caused by social distancing to the world's largest entertainment company was revealed as it said it lost $1.4 billion due to the pandemic.

Earnings reported earlier Tuesday:

Adecco Group AG: The Swiss human-resource company said it swung to a net loss in the first quarter, and recorded a goodwill impairment for some European countries in the face of difficult market conditions driven by the coronavirus pandemic.

Alaska Air Group Inc.: The U.S. airline reported a loss in the first quarter and said demand remains below normal levels. Alaska Air said the effects of the Covid-19 pandemic on the company have been unprecedented and demand deterioration has fallen by 90% below its normal levels.

Beiersdorf AG: The German maker of personal-care products said sales fell in the first quarter as a result of the coronavirus. "Our selective cosmetics brand La Prairie has been particularly hit by the drop in international travel," said Chief Executive Stefan De Loecker.

BNP Paribas: France's largest bank reported a drop in first-quarter net profit as it set aside new provisions to prepare for a flood of customers to default on their loans because of the pandemic. Like crosstown rival Société Générale SA, companies that canceled their dividend payments dealt a big hit to BNP Paribas's equity derivatives unit.

DuPont de Nemours Inc.: The specialty materials and chemical company posted lower sales and swung to a loss for the first quarter. The pandemic led to higher demand for personal protective equipment in the quarter but also disrupted supply chains.

EssilorLuxottica SA: The Ray-Ban owner said first-quarter revenue fell 10% due to the pandemic and it expects the impact of the crisis will be stronger in the second quarter.

Fiat Chrysler Automobiles NV: The company reported a net loss for the first quarter of 2020 and confirmed that its merger with French car maker Peugeot SA is still under way. The Italian-American car maker said it was unable to provide guidance given the uncertainties surrounding the pandemic.

Henry Schein Inc.: The distributor of dental products and other medical supplies said its profit and sales rose for the first quarter, though shelter-in-place measures in response to the Covid-19 pandemic hurt the company's dental business in March.

Hugo Boss AG: The German premium-apparel company said it swung to a first-quarter loss as the pandemic hit its business and warned it is anticipating a sharper decline in sales and earnings in the following quarter.

Illinois Tool Works Inc.: The industrial conglomerate reported a decline in earnings and revenue in the first quarter. The company said it is withdrawing its annual guidance for fiscal 2020 due to the uncertainties regarding the duration and severity of the pandemic.

Infineon Technologies AG: The German chip maker said late Monday that its net income for the second quarter of fiscal 2020 fell year-over-year. "The effects of the coronavirus pandemic are unprecedented, and the semiconductor industry is significantly feeling the impact. Also Infineon is not immune to such a massive slump in the global economy," Chief Executive Reinhard Ploss said.

Lumentum Holdings Inc. The optical networking and photonic products company beat fiscal third-quarter profit expectations but missed on revenue and provided a downbeat outlook, as the pandemic limited its ability to supply products to customers.

Mallinckrodt PLC: The U.K.-based pharmaceutical company reported a higher-than-expected adjusted first-quarter profit but warned that the next quarters would be challenging due to the pandemic.

Martin Marietta Materials Inc.: The construction materials supplier said its profit for the first quarter fell. The company said it is withdrawing its full-year 2020 guidance in light of the uncertainty presented by the pandemic.

Nestlé (Malaysia) Bhd.: The food company reported a 21% decline in its first-quarter net profit due to higher commodity costs and lower sales amid the lockdown measures imposed by the government to contain the spread of the coronavirus.

Pandora A/S: The Danish jeweler swung to a first-quarter net loss as the coronavirus forced about 90% of its stores to close during the quarter.

Regeneron Pharmaceuticals Inc.: The drugmaker posted profit and sales in its latest quarter that rose above analysts' expectations. Demand for Regeneron's drugs Eylea, Dupixent and Libtayo drove growth for the company in the latest quarter despite the coronavirus pandemic, said Leonard Schleifer, president and chief executive officer of Regeneron.

Repsol SA: The Spanish energy company's posted a loss in the first quarter due to a steep drop in oil prices and the widespread economic damage caused by the coronavirus.

Sealed Air Corp.: The company's first-quarter profit more than doubled, benefiting from a rise in revenue in the period. Sealed Air saw a surge in demand for essential goods such as packaged foods for retail, consumer staples and medical supplies, and a slowdown in food services and industrial manufacturing, amid the Covid-19 pandemic.

SJM Holdings Ltd.: The casino operator swung to a loss in the first quarter. SJM's Macau casinos were closed for 15 days in February, and the company has been negatively affected by restrictions on entry to Macau, the curtailment of transportation channels and pandemic-related requirements.

Sysco Corp.: The food products seller and distributor said trends started to improve last month but reported a loss for the third quarter and sales and adjusted earnings that missed estimates from analysts.

Thai Union Group PCL: The major seafood company's first-quarter net profit fell 20% from a year earlier due to foreign-exchange losses and lower contributions from its associate companies. The company said its U.S. Red Lobster business was hurt by the pandemic, as restrictions led to closures of dining halls.

Thomson Reuters Corp.: The provider of business-information services said its profit and sales rose for the first quarter as recurring revenues flowed in, though it warned that the pandemic could have a toll on its business.

US Foods Holding Corp.: The food distributor reported an adjusted profit that missed analysts' forecast for the first quarter despite about 5% revenue growth year over year. US Foods said case volume and net sales were negatively impacted by social-distancing measures and required closures of nonessential businesses that were put in place the second week of March to mitigate the spread of Covid-19.

Wayfair Inc.: The e-commerce company's sales jumped 20% in the March quarter, boosted by millions of Americans buying office furniture, cookware and other items to shelter in place as the coronavirus spread. Despite the increase in revenue, Wayfair posted another quarterly loss.

Xylem Inc.: The water-technology company reported a drop in first-quarter revenue, citing a decline in orders due to the pandemic.

 

Stocks mentioned in the article
ChangeLast1st jan.
ACTIVISION BLIZZARD 0.99% 79.28 Delayed Quote.33.42%
ADECCO GROUP AG -2.31% 44.92 Delayed Quote.-24.89%
ALASKA AIR GROUP, INC. 0.44% 36.26 Delayed Quote.-46.48%
AMP LIMITED -2.75% 1.77 End-of-day quote.-7.57%
AT HOME GROUP INC. 5.03% 6.27 Delayed Quote.14.00%
BEIERSDORF AKTIENGESELLSCHAFT -1.81% 96.46 Delayed Quote.-9.55%
BNP PARIBAS -2.39% 36.35 Real-time Quote.-31.19%
DAVITA INC. -0.10% 81.91 Delayed Quote.9.28%
DUPONT DE NEMOURS, INC. -2.54% 52.25 Delayed Quote.-18.61%
ELECTRONIC ARTS INC. 0.62% 135.61 Delayed Quote.26.14%
ESSILORLUXOTTICA -1.01% 117.55 Real-time Quote.-13.44%
FIAT CHRYSLER AUTOMOBILES N.V. -2.08% 8.796 Delayed Quote.-31.92%
HASBRO, INC. -0.38% 73.26 Delayed Quote.-30.63%
HENRY SCHEIN, INC. -2.26% 57.19 Delayed Quote.-14.28%
HUGO BOSS -2.94% 25.76 Delayed Quote.-40.45%
ILLINOIS TOOL WORKS INC. -0.58% 174.32 Delayed Quote.-2.39%
INFINEON TECHNOLOGIES AG -0.49% 21.145 Delayed Quote.4.11%
JUST GROUP PLC -0.42% 47.8 Delayed Quote.-39.49%
LETS HOLDINGS GROUP CO., LTD. -1.11% 11.55 End-of-day quote.91.23%
LINE CORPORATION -1.79% 5480 End-of-day quote.2.43%
LONDON BRENT OIL -0.14% 43.2 Delayed Quote.-34.73%
LOOK HOLDINGS INCORPORATED -1.94% 708 End-of-day quote.-43.45%
LUMENTUM HOLDINGS INC. -0.89% 82.21 Delayed Quote.4.60%
MALLINCKRODT PLC -0.82% 2.42 Delayed Quote.-30.09%
MARTIN MARIETTA MATERIALS, INC -1.73% 208.89 Delayed Quote.-25.30%
MATCH GROUP HOLDINGS II, LLC 2.39% 94.2 Delayed Quote.14.72%
MATTEL 0.00% 10.16 Delayed Quote.-25.02%
NESTLÉ (MALAYSIA) 0.57% 140.2 End-of-day quote.-4.63%
NEXT PLC -2.14% 4673 Delayed Quote.-33.41%
OCCIDENTAL PETROLEUM CORPORATION 0.76% 17.28 Delayed Quote.-58.38%
PANDORA A/S -0.61% 377.6 Delayed Quote.31.09%
PEUGEOT -4.20% 14.035 Real-time Quote.-34.11%
PINTEREST, INC. 4.45% 27 Delayed Quote.44.85%
REGENERON PHARMACEUTICALS -0.08% 640.34 Delayed Quote.70.54%
REPSOL -1.65% 7.74 End-of-day quote.-44.44%
RISE, INC. -2.94% 33 End-of-day quote.10.00%
SEALED AIR CORPORATION -1.61% 32.92 Delayed Quote.-17.35%
SET -0.78% 1362.46 Real-time Quote.-13.76%
SJM HOLDINGS LIMITED -0.79% 8.79 End-of-day quote.-0.90%
SWISS RE LTD -1.14% 74.26 Delayed Quote.-30.89%
SYSCO CORPORATION 0.17% 53.11 Delayed Quote.-37.91%
THE ALLSTATE CORPORATION -4.78% 88.22 Delayed Quote.-21.55%
THE GLOBAL LTD. 1.83% 222 End-of-day quote.-52.87%
THE NEW HOME COMPANY INC. 6.17% 3.27 Delayed Quote.-33.91%
THOMSON REUTERS CORPORATION 0.87% 91.66 Delayed Quote.-0.96%
WALT DISNEY COMPANY (THE) 2.67% 116.66 Delayed Quote.-19.34%
WAYFAIR INC. -1.78% 221.48 Delayed Quote.145.08%
WILL GROUP, INC. -1.22% 648 End-of-day quote.-48.24%
WORLD CO., LTD. -1.65% 1554 End-of-day quote.-42.25%
WTI -0.18% 40.77 Delayed Quote.-33.63%
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