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☆ Tesla, ABB, TSMC get Q2 earnings off to downbeat start
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +4 min

The news cast a pall over stocks as second-quarter earnings season ramps up. ABB said its orders in China, its second-biggest market, fell 9% in the three months to the end of June, with its electrification, motion and robotics divisions all seeing lower demand. Analysts have warned easing input costs will put pressure on companies to start cutting prices, or they may lose business. Swedish hygiene product maker Essity's (ESSITYa.ST) second-quarter earnings missed market expectations, hit by wage inflation, bigger marketing costs in its consumer goods unit, and lower volumes after price hikes. Investors punished the companies' shares.

Persons: TSMC, Elon Musk, Aly, Musk, Electrolux, Josephine Mason, Sharon Singleton Organizations: ABB, LONDON, Nasdaq, Shanghai, REUTERS, Europe's, Investors, Netflix, Revenue, Reuters, Thomson Locations: China, Germany, Shanghai, Europe, lockdowns, United States

☆ European earnings add weight to economic bear case
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 20 (Reuters Breakingviews) - It’s only early in the financial-reporting season for European companies. But macro bears will already be able to find all the doom and gloom they could ever want. But pricey recipe kits and premium toilet paper are relatively easy ways for pinched consumers to save money. Before the results, all three companies were priced at a premium to the STOXX Europe 600 Index (.STOXX) using 12-month forward price to earnings multiples, suggesting possible shareholder complacency. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: napping, Liam Proud, whir, Neil Unmack, Oliver Taslic Organizations: Reuters, Twitter, Thomson Locations: Europe

NEW YORK, June 27 (Reuters) - The end of the COVID-19 pandemic has weighed not just on demand for Purell but also on efforts to sell the maker of the hand sanitizer. SC Johnson, Ecolab Inc, Essity AB (ESSITYa.ST) and Kimberly-Clark Corp (KMB.N) were among the companies that participated in the auction, the sources said. It is unclear whether the family will now hold on to Gojo and try to seek a sale in the future. The company expanded into skincare and invented Purell, an alcohol-based hand cleaner which dries on its own, in 1988. The company launched Purell in the consumer market in 1997.

Persons: SC, Clark, Kimberly Clark, Essity, Gojo, Goldie Lippman, Jerry, Clarence Cook, Abigail Summerville, Anirban Sen, Leslie Adler, David Gregorio Our Organizations: YORK, Gojo Industries Inc, SC Johnson, Ecolab Inc, Essity, Clark Corp, Thomson Locations: Kimberly, Akron , Ohio, New York

☆ Sweden's Essity divests Russian operations
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

June 10 (Reuters) - Swedish hygiene products group Essity (ESSITYa.ST) has divested its operations in Russia, the company said in a statement on Saturday. The company said it did not expect to see a material financial impact from the winding down of its Russian business. The world's second-biggest consumer tissue maker began work on exiting the Russian market in April, after taking a writedown of about 1.7 billion crowns ($157.25 million) on its assets in the country, the statement added. Essity had said in March it would shut down all production and sales in Russia, where it had clocked sales worth 2.8 billion crowns last year, corresponding to about 2% of its total sales. ($1 = 10.8107 Swedish crowns)Reporting by Shivani Tanna in Bengaluru; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Essity, Shivani Tanna, Alex Richardson Organizations: Thomson Locations: Russia, Bengaluru

The Swedish firm expects input costs to stabilise this year except for energy, which it expects to rise further. Rystedt said that without subsidies, energy prices would weigh even more on the group's earnings in the first quarter. Essity said it raised its prices by 13.3% on average in the fourth quarter, and would raise them further in 2023. In an interview with Reuters, Groth said Essity had lost "a few customers" due to the price increases. Essity's fourth quarter adjusted core earnings (EBITA) rose to 4.08 billion crowns, topping the 3.64 billion expected by analysts polled by Refinitiv Eikon.

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