Allegion Plc (NYSE: ALLE) reported a 99% dip in earnings for the first quarter of 2020 due to the charges from goodwill and indefinite-lived trade name impairments.
The company previously withdrew its 2020 outlook for revenue and EPS due to the uncertainty surrounding the COVID-19 pandemic, as well as its impact on demand and the supply chain. The company expects the pandemic will cause near-term negative financial impacts to revenue, income, and cash flow for its business.
The company is taking proactive measures such as reductions in discretionary spending, eliminating non-essential investment spend, implementing a hiring freeze, and temporarily suspending share repurchases. On April 10, the company said it expects to record restructuring charges of $30-35 million in total, of which $20-25 million are expected to be incurred during 2020 with the remainder to be incurred during 2021.
Most Popular
MU Earnings: Micron’s Q4 profit declines but beats estimates
Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted
What are Philip Morris’ (PM) anticipations for the near term?
Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,
Key highlights from CarMax (KMX) Q2 2023 earnings results
CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,
