Axalta Coating Systems Ltd. (NYSE:AXTA) announced net sales of $652.7 million, down 43.6% year-over-year, for its second quarter ended June 30 in the wake of the pandemic. The company also provided an update regarding the ongoing impact of the coronavirus (COVID-19) pandemic on its business, employees, customers, and shareholders and related mitigation actions taken and […]
Property/Casualty Insurance Industry Surplus Declined $75.9 Billion in the First Quarter
Downturn in stock market in face of pandemic hits insurer investments. Net written premiums were up in calm before the storm. The surplus for the private U.S. property/casualty insurance industry dropped by $75.9 billion in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn, according to Verisk (NASDAQ:VRSK), the […]
3M Reports Second-Quarter Sales Down 12.2% Versus 2019
3M (NYSE: MMM) today reported second-quarter 2020 results sales of $7.2 billion, down 12.2% compared to last year. Organic local-currency sales declined 13.1 percent, while acquisitions, net of divestitures, increased sales by 2.4 percent. Foreign currency translation reduced sales by 1.5 percent year-on-year. The company noted improving sales trends with July month-to-date sales up low-single […]
AkzoNobel Reports Improved Margin in Second Quarter on Cost Savings Response to COVID-19 Pandemic
Akzo Nobel N.V. (AMS: AKZA) announced its return on sales (ROS) increased to 14.0% in the second quarter of 2020, up from 13.7% in 2019, due to margin management and cost savings initiatives put in place due to the COVID-19 pandemic. The company reported total cost savings delivered €116 million ($134.3 million) of which €38 […]
AkzoNobel Report Robust Profitability in Second Quarter Despite COVID-19 Headwinds
Akzo Nobel N.V. (AKZA; AKZOY) provided a further update on recent business performance and announces preliminary financial results for the second quarter of 2020: Revenue 19% lower at €1,987 million ($2.265 million) (2019: €2,451 million) Adjusted operating income of €238 million ($271 million) (2019: €305 million) Adjusted operating income as a percentage of revenue, excluding […]
Progressive Reports Personal Auto Policies in Force Up 11% in May Compared to 2019
Net income up 95% for the month compared to last year for the second month in a row. The Progressive Corporation (NYSE:PGR) reported that its total personal auto policies in force in May were 15,771,100, up 11 percent from 14,199,900 in May 2019. Agency channel auto policies in force totaled 7,336,700, up 9 percent from […]
Uni-Select Says April and May Sales Better Than Expected
Uni-Select Inc. (TSE:UNS) announced that following the implementation of a number of actions to respond to the COVID-19 pandemic as previously reported, its operating performance was better than anticipated with sales for April and May as well as cash management better than the internal forecast set in late March in response to the uncertainty surrounding […]
Axalta OEM Coatings Business Improved in May, Refinish Customers Benefiting from Increased Driving
Axalta Coating Systems Ltd. (NYSE:AXTA) today provided an update on second quarter sales trends through May. Axalta had withdrawn its guidance for the full year 2020 in March due to the uncertainty in the outlook for customer demand as a result of the COVID-19 pandemic and committed to offering an intra-quarter update in June. For […]
LKQ Reports Sales Better Than Expected So Far in Second Quarter Down 25%
The company provided a business update and announced amendments to credit facility. LKQ Corporation (NASDAQ:LKQ) today said that while the COVID-19 pandemic continues to have a negative impact on its global operations, the effect through May has not been as significant as the company expected when it announced its first quarter results. According to the […]
Progressive Reports Personal Auto Policies in Force Up 10% in April Compared to 2019
Net income up 95% for the month compared to last year. The Progressive Corporation (NYSE:PGR) reported yesterday that its total personal auto policies in force in April were 15,506,300, up 10 percent from 14,115,000 in April 2019. Agency channel auto policies in force totaled 7,237,100, up 8 percent from 6,687,200 last year. Direct channel personal […]
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