Corporate Earnings

Reuters | |

Boeing Co slashed production on its widebody programs, delayed the arrival of its newest jet, and confirmed the demise of its iconic 747, as it reported a bigger-than-expected quarterly loss on Wednesday amid fallout from the COVID-19 pandemic.

The U.S. planemaker, which is also grappling with the 16-month-old ban on its 737 MAX after fatal crashes, delayed its timeline to hit build rates of 31 narrowbodies monthly to early 2022...

AP News | |

Stocks pulled lower on Wall Street Tuesday following a mixed set of earnings reports from dozens of big U.S. companies.

The S&P 500 fell 20.97 points, or 0.6%, to 3,218.44 after a last-hour slide erased a small gain from earlier in the day. Caution across markets also helped send Treasury yields a bit lower and gold a bit further into record heights.

The Dow Jones Industrial Average dropped 205.49 points, or 0.8%, to 26,379.28, and the Nasdaq composite lost 134.18, or 1.3%, to 10,402.09.

AP News | |

Ecolab Inc. on Tuesday reported a second-quarter loss of $2.04 billion, after reporting a profit in the same period a year earlier.

On a per-share basis, the Saint Paul, Minnesota-based company said it had a loss of $6.98. Earnings, adjusted for one-time gains and costs, came to 65 cents per share.

The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 83 cents per s...

Reuters | |

U.S. industrial conglomerate 3M Co missed Wall Street estimates for quarterly profit and revenue on Tuesday, hit by a plunge in demand across its business units due to the coronavirus crisis, sending its shares down about 5.3%.

3M is the world’s biggest producer of N95 respirator masks and has seen sales surge as governments fought over supplies of protective equipment for healthcare and other essential workers.

However, demand for the wide range of office and industrial supplies it churns out has declined as global economic activity sank and millions of employees retreated to working from home.

AP News | |

Business did improve for McDonald’s throughout the second quarter as restrictions lifted across the globe, but the fast food giant faces a bumpy — and expensive — recovery.

McDonald’s President and CEO Chris Kempczinski said the coronavirus pandemic continues to cause uncertainty and depress consumer sentiment But he believes the April-June period will be the trough in the company’s performance.

“McDonald’s has learned to adjust our operations to this new environment...

Reuters | |

Amgen Inc on Tuesday reported second-quarter revenue rose 6% as higher sales of newer drugs, including recently-added psoriasis treatment Otezla, offset declining sales of older medicines.

The biotechnology company also posted much higher-than-expected adjusted profit, but acquisition-related costs pushed net earnings lower.

Amgen said sales of drugs such as osteoporosis treatment Prolia fell during the quarter as people, especially o...

Reuters | |

Starbucks Corp on Tuesday reported a smaller-than-expected drop in quarterly comparable store sales as more people used its drive-thru and delivery options to buy coffee and food during coronavirus-driven lockdowns.

The Seattle-based company, like many restaurants and coffee chains, took a big hit from government-imposed restrictions to check the spread of the pandemic, prompting it to rely more on i...

Reuters | |

Pfizer Inc beat analysts’ estimates for second-quarter profit on Tuesday and raised its full-year earnings forecast, as demand for cancer drug Ibrance and blood thinner Eliquis offset lower uptake of other treatments in the COVID-19 pandemic.

The company said it had taken a roughly $500 million hit to sales due to a drop in visits to hospital or the doctor’s office globally due to the health crisis.

Pfizer raised its forecast for 2020 adjusted profit to between $2....

Reuters | |

Hasbro Inc missed analysts’ estimates for quarterly earnings and revenue on Monday, as production shutdowns due to the COVID-19 pandemic led to shortages of the company’s board games.

Shares fell 6%, taking losses for the year to about 31% as the toymaker has struggled with store closures, movie and TV production delays that have hit its Entertainment One unit, and a drought of big-budget releases linked to its action figures.

A surge in...