Hertz Global Holdings, Inc. (NYSE:HTZ) today reported results for its second quarter 2020 with revenue of $832 million, a net loss of $847 million and adjusted Corporate earnings before interest, taxes, depreciation and amortization (EBITDA) of negative $587 million. Liquidity at the end of the second quarter was $1.4 billion. In May, Hertz filed for […]
GEICO Reports Collision Claims Frequencies Were Down 24-26% in First Half of 2020
Collision severity up for first half. Overall premiums written were down 7% in the quarter and 1.1% for first six months. On August 8, Berkshire Hathaway Inc. reported its second quarter earnings, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company’s quarterly report, GEICO generated pre-tax […]
Allstate Reports Revenue Up 0.5% in Second Quarter
The Allstate-brand auto insurance combined ratio was 83.9, down more than 8 points due to pandemic impact on driving. The Allstate Corporation (NYSE: ALL) today reported second quarter revenue of $11.2 billion in the second quarter of 2020 increased 0.5% compared to the prior year quarter, primarily driven by net realized capital gains of $704 […]
IAA Announces Second Quarter Revenue Declined 19% to $297 Million on Impact from COVID-19 on Volume
IAA, Inc. (NYSE: IAA) announced its financial results for the second quarter of fiscal 2020, which ended June 28. John Kett, Chief Executive Officer and President, stated, “As expected, our second quarter results were materially impacted by COVID-19 and the sharp drop in miles driven and associated assignments in the quarter. Since late April, we […]
LKQ Reports Sales Down 19.1% in Second Quarter Compared to 2019
Company reports its improved performance in April and May continued in June as economy reopened. LKQ Corporation (NASDAQ:LKQ) today reported second quarter 2020 revenue of $2.6 billion down 19.1% from $3.2 billion in the second quarter of 2019. For the quarter, parts and services organic revenue decreased 16.8% year-over-year, while the net impact of acquisition […]
Uni-Select Reports Second Quarter Sales of $302.5 million
Uni-Select Inc. (TSE:UNS) today reported sales of $302.5 million, down 33.7% reflecting a lower demand due to the COVID-19 pandemic, for the second quarter ended June 30. The result represents negative organic growth of 31.9%, unfavorable fluctuations of the Canadian and British currencies, as well as the expected erosion from the integration of company owned […]
Axalta Reports Second Quarter Sales of $652.7 Million, Down 43.6% in Wake of Pandemic
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 […]
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