Companies around the world reported quarterly results were dragged down by the Covid-19 pandemic. Netflix and Snap, however, saw a boost from consumers stuck at home.
Tuesday's earnings, at a glance:
Canadian Pacific Railway Ltd.: The company profit fell in the first quarter while beating analysts' expectations, as the North American economy halted to fight the coronavirus pandemic.
CIT Group Inc.: The financial company said it had a loss in the first quarter as provisions for credit losses and expenses rose. CIT said its first-quarter results reflect the impact of the new coronavirus on the macroeconomic environment as well as other factors.
Coca-Cola Co.: The beverage giant reported lower revenue for the latest quarter, reflecting growing sales for the first two months of the year before the Covid-19 pandemic escalated and resulted in reduced travel, restaurant closures and sports cancellations outside of China.
Comerica Inc.: The regional bank turned a loss for the first quarter as it booked provision for credit losses. Comerica said the provisions reflected the expected impact of the Covid-19 pandemic and continued pressures on the energy sector.
Emerson Electric Co.: The manufacturer said sales fell 9% for its latest quarter, a decline it attributed to efforts aimed at containing the coronavirus that have shut economies around the world.
Fifth Third Bancorp: The U.S. bank reported a smaller profit in the first quarter as its allowance for loan and lease losses grew.
Kasikornbank PCL: The Thai bank's first-quarter net profit slumped 34% on higher operating expenses and expected credit losses. Noninterest income slid almost 40% due to volatility in money and capital markets amid the Covid-19 crisis.
ManpowerGroup Inc.: The provider of temporary employees and other workforce services said first-quarter profit fell sharply as it restructured its business in anticipation of weak revenue tied to the coronavirus pandemic.
Netflix Inc.: The streaming giant added more than twice as many net new subscribers as it had expected in the first quarter, as consumers in many countries stayed at home due to the coronavirus pandemic and hunted for ways to entertain themselves.
Peugeot SA: The French car maker said first-quarter sales fell due to the coronavirus pandemic and the forced the suspension of global plants, adding that it anticipates a widespread contraction in the global automotive market.
Snap Inc.: The social-media company reported a surge in quarterly growth in users and revenue in the first quarter, as homebound users turned to its chat app for connection with friends amid the pandemic.
Synchrony Financial: The U.S. lender reported a sharp decline in profit in the latest quarter as it set aside more money to handle problem assets.
Tele2 AB: The Sweden-based telecoms company's first-quarter adjusted earnings before interest, taxes, depreciation and amortization--which strips out exceptional and other one-off items--ticked 1% lower as the group lost roughly SEK70 million ($7 million) as a result of the pandemic and bad debt provisions.
(END) Dow Jones Newswires
April 21, 2020 18:21 ET (22:21 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.