All articles tagged with #q2 profit
BYD's shares in China declined following a significant drop in Q2 profits, contrasting with Tesla's performance, highlighting challenges faced by Chinese EV rivals amid market fluctuations.
Dow reported a 70% drop in second-quarter profit due to lower product prices and weak sales volumes, while warning of a challenging macroeconomic environment in the second half of the year. Manufacturing activity in the US and Europe continued to decline, and Dow expects third-quarter net sales to be lower than expected. The company's net sales fell to $11.4 billion from $15.7 billion, indicating weak demand for its products. Dow posted a net income of $501 million, beating estimates, and is on track to deliver its cost-saving target for the year.
Insurer Travelers Companies Inc reported a 98% decline in quarterly profit due to severe wind and hail storms in the United States, which increased its catastrophe losses. The company's core income fell to $15 million, or $0.06 per share, compared to $625 million, or $2.57 per share, in the same period last year. The storms caused Travelers' catastrophe losses to rise to $1.48 billion from $746 million a year earlier. The U.S. Midwest and South were particularly affected by the storms, contributing to a series of weather-related events that have impacted insurers' profitability.
Carvana, the largest online used car retailer in the US, announced that it expects to report a profit in Q2 2021, causing its stock to surge by over 40%. While the company's Q1 adjusted EPS loss of $1.51 beat analyst expectations, its debt load of $8.7 billion has been a burden on its stock price. However, a debt-for-equity swap offered by bondholders may provide a "potentially BIG lifeline" for Carvana, according to Oppenheimer analyst Brian Nagel.