Altria Reports 13% Revenue Growth in Q1 2020

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I-Bytes
Retail & Consumer Goods
May Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................39
3. Rewards and Recognition Updates..................................................................................................................49
4. Customer success Updates................................................................................................................................54
5. Partnership Ecosystem Updates.......................................................................................................................55
6. Miscellaneous Updates.......................................................................................................................................74

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Financial, M & A Updates
Retail & Consumer Goods Industry

Financial, M&A Updates
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Amazon.com (USA) Announces First Quarter Results
Highlights
• Operating cash flow increased 16% to $39.7 billion for the trailing twelve months, compared with $34.4 billion for the trailing twelve
months ended March 31, 2019.
• Free cash flow increased to $24.3 billion for the trailing twelve months, compared with $23.0 billion for the trailing twelve months
ended March 31, 2019.
• Free cash flow fewer principal repayments of finance leases and financing obligations decreased to $14.3 billion for the trailing twelve
months, compared with $15.1 billion for the trailing twelve months ended March 31, 2019.
• Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations decreased
to $11.7 billion for the trailing twelve months, compared with $11.8 billion for the trailing twelve months ended March 31, 2019.
• Common shares outstanding plus shares underlying stock-based awards totaled 513 million on March 31, 2020, compared with 507
million one year ago.
• Net sales increased 26% to $75.5 billion in the first quarter, compared with $59.7 billion in first quarter 2019. Excluding the $387
million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 27%
compared with first quarter 2019.
• Operating income decreased to $4.0 billion in the first quarter, compared with operating income of $4.4 billion in first quarter 2019.
• Net income decreased to $2.5 billion in the first quarter, or $5.01 per diluted share, compared with net income of $3.6 billion, or $7.09
per diluted share, in first quarter 2019.
• In March and April, they announced plans to and have now hired 175,000 people in our fulfillment and delivery network in response
to increased customer demand and to assist existing employees. We are happy to welcome these new hires to our team and are
continuing to hire.
• In March, they increased pay for hourly employees by $2/hour in the U.S. and Canada, £2/hour in the U.K., and €2/hour in many
European countries. We also doubled the regular hourly base pay for overtime hours worked — a minimum of $34 an hour in the U.S.
— an increase from time and a half. Our investment in increased pay for our hourly employees and partners during COVID-19 will be
nearly $700 million through May 16.
Executive Commentary
“From online shopping to AWS to Prime Video and Fire TV, the current crisis is demonstrating the adaptability and durability of
Amazon’s business as never before, but it’s also the hardest time we’ve ever faced, said Amazon founder and CEO. We are
inspired by all the essential workers we see doing their jobs — nurses and doctors, grocery store cashiers, police officers, and our
own extraordinary frontline employees. The service we provide has never been more critical, and the people doing the frontline
work — our employees and all the contractors throughout our supply chain — are counting on us to keep them safe as they do
that work. We’re not going to let them down. Providing for customers and protecting employees as this crisis continues for more
months is going to take skill, humility, invention, and money. If you’re a shareowner in Amazon, you may want to take a seat,
because we’re not thinking small. Under normal circumstances, in this coming Q2, we’d expect to make some $4 billion or more
in operating profit. But these aren’t normal circumstances. Instead, we expect to spend the entirety of that $4 billion, and perhaps
a bit more, on COVID-related expenses getting products to customers and keeping employees safe. This includes investments in
personal protective equipment, enhanced cleaning of our facilities, less efficient process paths that better allow for effective social
distancing, higher wages for hourly teams, and hundreds of millions to develop our own COVID-19 testing capabilities. There is
a lot of uncertainty in the world right now, and the best investment we can make is in the safety and well-being of our hundreds
of thousands of employees. I’m confident that our long-term oriented shareowners will understand and embrace our approach,
and that in fact they would expect no less.”
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Key Financial Highlights

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Altria Reports (USA) 2020 First-quarter Results
Highlights
• Net revenues increased 13.0% to $6.4 billion, primarily due to higher net revenues in the smokeable and oral tobacco products
segments. Revenues net of excise taxes increased 15.0% to $5.0 billion.
• Reported diluted EPS increased 38.3% to $0.83, primarily driven by higher reported operating companies income (OCI) in
the smokeable and oral tobacco products segments, lower charges for Cronos-related special items, 2019 acquisition-related
costs associated with the JUUL and Cronos transactions, higher reported earnings from Altria’s equity investment in ABI and
fewer shares outstanding, partially offset by higher asset, exit, implementation and acquisition-related costs.
• Adjusted diluted EPS increased 18.5% to $1.09, primarily driven by higher adjusted OCI in the smokeable and oral tobacco
products segments and fewer shares outstanding, partially offset by lower adjusted earnings from Altria’s equity investment in
ABI.
• In the first quarter, Altria did not repurchase any shares of its common stock and borrowed the full $3 billion capacity
available under its revolving credit facility as a precautionary measure.
• To further strengthen Altria’s liquidity position, the Board rescinded Altria’s $1 billion share repurchase program that had a
$500 million balance.
• Altria’s objective remains a dividend payout ratio target of approximately 80% of adjusted diluted EPS. Since Altria has
withdrawn its full-year 2020 adjusted diluted EPS guidance due to the impacts of COVID-19, it expects to approach the 2020
dividend by recommending a quarterly dividend rate to the Board that reflects, among other things, its strong cash generation
and the strength of its balance sheet.
• Altria donated supplies and committed an initial $1 million to support COVID-19 relief efforts.
• Due to the uncertainties related to the impact of the COVID-19 pandemic and economic recovery scenarios, Altria withdraws
its full-year 2020 adjusted diluted EPS guidance of $4.39 to $4.51 and, as a result, Altria also withdraws its 2020 to 2022
compounded annual adjusted diluted EPS growth objective of 4% to 7%
• Altria revises its expectation for 2020 capital expenditures to be between $200 million and $250 million. Altria maintains its
expectation for depreciation and amortization expenses of approximately $240 million.
“The first-quarter brought out the best in Altria’s employees as we navigated the dynamic tobacco environment and the
unprecedented effects of the COVID-19 pandemic, said Altria’s Chief Executive Officer. We’ve approached these
challenges together by focusing on the health and welfare of our employees, maintaining business continuity and
supporting our communities. We had an excellent start to the year, growing our first-quarter adjusted diluted EPS by
18.5%, driven by the strength of our smoke able and oral tobacco products segments. Due to the uncertainties related to
the impact of the COVID-19 pandemic on our diverse business model and economic recovery scenarios, we’re
withdrawing our full-year 2020 adjusted diluted EPS guidance and, as a result, we’re also withdrawing our compounded
annual adjusted diluted EPS growth objective. We’re continuing to assess the COVID-19 situation and intend to
reestablish guidance at the appropriate time.”
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Bed Bath & Beyond Inc. (USA) Reports Results for Fiscal 2019 Fourth
Quarter and Full Year
Fiscal 2019 Fourth Quarter Results
• For the fiscal 2019 fourth quarter, the Company reported a net loss of $(0.53) per diluted share ($(65.4) million), which included several special
items such as severance costs, non-cash impairment charges related to certain store level assets and tradenames, and a loss on a sale-leaseback
transaction.
• This compares to a net loss of $(1.92) per diluted share ($(253.8) million) for the fiscal 2018 fourth quarter, which included special items such
as a non-cash goodwill and tradename impairment charge.
• Excluding these special items from both quarters, the Company reported adjusted net earnings of $0.38 per diluted share ($46.9 million) for the
fiscal 2019 fourth quarter, and adjusted net earnings of $1.20 per diluted share ($158.8 million) for the fiscal 2018 fourth quarter.
• Net sales for the fiscal 2019 fourth quarter were $3.1 billion, a decrease of 6.1% compared to the prior year period. Comparable sales in the
fiscal 2019 fourth quarter declined 5.6%.
• The Company's fiscal 2019 fourth quarter was favorably impacted by the Cyber Monday holiday week, which occurred during the fourth quarter
this year, but occurred in the Company's third quarter in the prior year period.
• Adjusting for the calendar shift to exclude Cyber Monday week in both periods, comparable sales for the fiscal 2019 fourth quarter declined
11.0%.
Fiscal 2019 Full Year Results
• For the fiscal 2019 full year, the Company reported a net loss of $(4.94) per diluted share, which included several special items such as non-cash
impairment charges related to goodwill, tradenames, and certain store level assets, severance costs, shareholder activity costs, an incremental
charge for markdowns associated with the Company's inventory reduction initiative, and a loss on a sale-leaseback transaction, compared with a
net loss of $(1.02) per diluted share ($(137.2) million) for the fiscal 2018 full year, which included several special items such as non-cash
goodwill and tradename impairment charges, severance costs, and a gain on the sale of a building.
• Excluding these special items from both years, the Company reported adjusted net earnings of $0.46 per diluted share for the fiscal 2019 full
year, and adjusted net earnings of $1.97 per diluted share for the fiscal 2018 full year.
• Net sales for the fiscal 2019 full year were $11.2 billion, a decrease of 7.2% compared to the prior year period. Comparable sales for the fiscal
2019 full year declined 6.8% compared to the prior year period.
"Our fourth quarter performance was consistent with the market update we provided stated Bed Bath &Beyond's President and CEO. These
results strengthen our resolve to continue to make the necessary, bold and broad-based changes needed to modernize our business, and give
us confidence about our ability to improve on this quarterly performance. We are executing a clear plan to manage our business efficiently
and effectively through the coronavirus pandemic, prioritizing the health and safety of our customers and teams. Our financial position and
contingency plans will allow us to retain the financial flexibility to make targeted investments that will deepen our connection with our
customers and rebuild our authority in the Home space. In this time when Home is even more central to our lives and being safe at home
with family is essential, Bed Bath & Beyond takes on an even more important role supporting customers and their families by making it
easy to feel at home.”
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Beiersdorf (Germany) invests in sustainable aerosol solutions
Beiersdorf has acquired an equity stake in UK-based Salford Valve Company Ltd., an
engineering company developing innovative aerosol valves for use with ecologically
sustainable propellants. This investment by recently established OSCAR&PAUL
Beiersdorf Venture Capital further underlines the company’s ambition in driving
disruptive initiatives and innovations under its C.A.R.E.+ strategy and new
sustainability agenda. The partnership will strengthen Beiersdorf’s footprint in
sustainable packaging solutions. It also supports Salvalco’s further research and the
commercialization of the patented Eco-Valve technology, aiming to jointly bolster its
global outreach. Founded in 2013, Salvalco develops innovative aerosol valve
systems, called Eco-Valve, based on prior research by the Spray Research Group at
Salford University. The Eco-Valve technology allows eco-friendly, inert gases such
as nitrogen or simple fresh air to be used as propellants in aerosol sprays, thus
providing a more sustainable alternative to conventional aerosol propellants.
Salvalco offers a family of different valve designs for a wide range of aerosol product
solutions and applications.
Head of OSCAR&PAUL Beiersdorf Venture Capital, added: “Salvalco is an
exciting investment and fits with our recently extended corporate sustainability
ambitions for a carbon positive future. In these very challenging times, we are
particularly committed to investing in visionary and innovative companies. We
are looking forward to supporting Salvalco in its progress and applying
Beiersdorf’s industry expertise in order to make a positive impact.”
Description
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Bunge (USA) Reports First Quarter 2020 Results
Highlights
• Q1 GAAP EPS of $(1.46) vs. $0.26 in the prior year; $(1.34) vs. $0.36 on an
adjusted basis
• Agribusiness executed well; results impacted by approximately $385 million
of temporary mark-to-market losses on forward hedges
• Strong quarter in Edible Oils; results impacted by timing differences
• Progress on portfolio optimization with the announcement to sell 35 US
grain elevators
• Implemented additional safety measures in response to COVID-19
• Maintaining strong liquidity position and durable balance sheet
Bunge's Chief Executive Officer, commented, “I am incredibly proud and
grateful for our team’s commitment and performance during this highly
challenging period. Bunge is a critical part of the global food
infrastructure, and our team remains dedicated to ensuring that key feed
and food ingredients are getting from farmers to consumers as we navigate
this global crisis together. Our underlying business performed well during
the quarter, and the mark-to-market adjustments we incurred are expected
to reverse in the coming quarters. The work we have done to improve our
operations, streamline our portfolio, and refine our approach to risk
management has allowed us to remain nimble and adapt to evolving
business and operational demands. We did not experience significant
disruptions to our business from COVID-19 in the first quarter, although
we did start to see the impact of changing consumer behaviour in parts of
our Edible Oils business in March.”
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Church & Dwight (USA) Reports Q1 Results
Highlights
• Net sales were $891.0 million, a $106.1 million or 13.5% increase driven by household and personal care sales
growth and an acquisition. Organic sales increased 10.2% due to higher volume (+7.4%) and positive price and
product mix (+2.8%).
• Consumer International net sales were $198.6 million, an $11.9 million or 6.4% increase driven by broad-based
household and personal care growth, and an acquisition.
• Specialty Products net sales were $75.6 million, a $2.5 million or 3.4% increase. Organic sales also increased
3.4% due to higher volume (+6.7%) offset by lower pricing.
• Gross margin increased 60 basis points to 45.7% due to higher pricing and productivity, partially offset by
higher manufacturing costs, COVID-19 related expenses, and foreign exchange.
• Marketing expense was $96.4 million, a decrease of $1.7 million or 1.7%. Marketing expense as a percentage
of net sales decreased 110 basis points to 8.3%.
• Selling, general, and administrative expense was $121.0 million or 10.4% of net sales on a reported basis, a
220-basis point decrease, primarily due to an acquisition related earn-out adjustment.
• Income from Operations was $314.6 million or 27.0% of net sales.
• Other Expense of $15.2 million declined slightly due to lower interest expense resulting from lower interest
rates.
• The effective tax rate was 23.2% compared to 21.9% in 2019, an increase of 130 basis points, primarily driven
by lower stock option exercises.
Chief Executive Officer, commented, “The global impact of COVID-19 continues to evolve daily. Our
focus is on the safety of our employees, meeting the needs of our customers and consumers, and ensuring
our brands are even stronger moving forward. We have taken decisive actions to promote the safety of
employees by enhancing operating protocols at all of our global locations in compliance with public health
requirements, recommendations and guidelines. These precautions include working from home where
practical, temperature checking employees upon arriving at work locations, social distancing, restricting
access to sites, flexible sick pay practices, and frequent sanitization of work areas. A global response team,
including members of senior management, is in constant contact with local site leaders, so the Company can
react quickly and appropriately.”
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Coca-Cola (USA) Reports First Quarter 2020 Results
Quarterly Performance
• Revenues: Net revenues declined 1% to $8.6 billion. Organic revenues (non-GAAP) were
even. Revenue performance included even concentrate sales and even price/mix. The quarter
included one less day, which resulted in an approximate 1-point headwind to revenue
growth.
• Margin: Operating margin, which included items impacting comparability, was 27.7%
versus 28.0% in the prior year, while comparable operating margin (non-GAAP) was 30.7%
versus 28.2% in the prior year. Solid underlying operating margin (non-GAAP) expansion
was partially offset by currency headwinds.
• Earnings per share: EPS grew 65% to $0.64, and comparable EPS (non-GAAP) grew 8%
to $0.51.
• Market share: The company continued to gain value share in total non-alcoholic
ready-to-drink (NARTD) beverages.
• Cash flow: Cash from operations was $556 million, down 29%. Free cash flow
(non-GAAP) was $229 million, down 43%, primarily driven by the impact of one less day
in the quarter, currency headwinds and cycling the supplier payment term extensions in the
prior year as part of ongoing working capital initiatives.
"We sincerely thank those who have been working to keep all of us safe through the
crisis, particularly those on the front lines in the healthcare community. I also want to
recognize our system associates, who are ensuring we can continue to supply beverages
around the world, said Chairman and CEO of The Coca-Cola Company. Our approach
to navigating the pandemic is grounded in our company’s purpose, which ensures that
we continuously strive to make a difference for people in the communities we serve
around the world. We’ve been through challenging times before as a company, and we
believe we're well positioned to manage through and emerge stronger. The power of the
Coca-Cola system is our greatest strength in times of crisis. The resilience of our people,
the equity of our brands and the strength of our bottling partners continue to be
competitive advantages in the market."
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Constellation Brands (USA) Exercises Warrants to Acquire Shares in Canopy Growth, Reinforcing
Confidence in Canopy Growth’s Ability to Win Long-Term in Emerging Cannabis Industry
Constellation Brands, Inc., a leading beverage alcohol company, and Canopy Growth
Corporation, a leading diversified cannabis company, announced the exercise by Greenstar
Canada Investment Limited Partnership, an indirect, wholly-owned subsidiary of Constellation
Brands, of an aggregate of 18,876,901 warrants to purchase common shares of Canopy Growth.
The warrants, which were originally issued on November 2, 2017, were exercised at an exercise
price of C$12.9783 per common share for an aggregate of approximately C$245 million. Upon
issuance, the common shares represented approximately 5.1% of the issued and outstanding
common shares of Canopy Growth. As a result of the acquisition of new common shares,
Constellation Brands now indirectly holds, in the aggregate, 142,253,802 common shares,
139,745,453 warrants to purchase common shares and C$200,000,000 principal number of senior
notes. Collectively, the common shares increase Constellation Brand’s ownership of Canopy
Growth to 38.6% of the issued and outstanding common shares. Assuming full exercise of all
remaining warrants and full conversion of the notes (but for these purposes excluding any effect
from a Canopy Growth exercise of its right to acquire Acreage Holdings, Inc. pursuant to its
option under the plan of arrangement previously announced on June 27, 2019) Constellation
Brands would own approximately 55.8% of the issued and outstanding common shares of
Canopy Growth.
“While global legalization of cannabis is still in its infancy, we continue to believe the
long-term opportunity in this evolving market is substantial, said President and chief
executive officer, Constellation Brands. Canopy is best positioned to win in the emerging
cannabis space and we are confident in the strategic direction of the company.”
Description
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Core-Mark (USA) Announces First Quarter 2020 Financial Results
Highlights
• Net sales increased 4.9% to $3.94 billion compared to $3.75 billion for the same period in 2019. The
increase in overall net sales was due primarily to growth in both cigarette and non-cigarette sales.
• Cigarette sales increased 4.7% driven primarily by manufacturer price increases and a 1.6% increase in
overall carton sales. Cigarette carton sales benefited from a temporary increase in volume in early March
related to COVID-19 and one extra selling day in the quarter, partially offset by a decline in carton sales in
January and February of approximately 2% due to decreased consumption.
• Non-cigarette sales increased 5.4% due primarily to an increase in sales to existing customers, including
strong growth in fresh foods, other tobacco products (“OTP”) and candy, and the benefit of one extra
selling day.
• Non-cigarette sales increased to 34.4% of total net sales for the first quarter of 2020 compared to 34.3%
for the same period in 2019.
• Gross profit increased 4.9% to $218.4 million compared to $208.2 million for the same period in 2019
driven primarily by an increase in non-cigarette sales to existing customers, carton growth and the benefit
of one extra selling day.
• Gross profit in the first quarter of 2020 included $9.1 million in inventory holding gains, compared to $8.8
million for the same period of 2019.
• Remaining gross profit, a non-GAAP financial measure, increased 5.2% to $217.1 million from $206.4
million.
“I want to start out by thanking each and every employee of Core-Mark whose focus on safety and
commitment to providing essential goods and services to our customers has been nothing short of
spectacular, said President and Chief Executive Officer. While the COVID-19 crisis did not cause a
material disruption to our business during most of the first quarter, beginning in late March and
continuing through April we have seen significant declines in sales and profitability as a result of
shelter-in-place orders by states, provinces, cities and counties, resulting in a significant downturn in
convenience retail store visits across North America. We have taken aggressive actions to better align
our cost structure with the declining volume trends and will take further actions as needed in response
to changing industry conditions. We are well-positioned to operate our business efficiently through
this crisis and emerge in a healthy financial condition ready to lead our industry.”
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George Weston Limited (Canada) Reports First Quarter 2020 Results
Highlights
• Net earnings available to common shareholders of the Company were $582 million, an increase of $1,070 million
compared to the same period in 2019. The increase was due to an improvement of $38 million in the underlying
operating performance of the Company and the favourable year-over-year net impact of adjusting items totalling $1,032
million, which was primarily due to the favourable year-over-year impact of the fair value adjustment of the Trust Unit
liability of $1,086 million.
• Adjusted net earnings available to common shareholders of the Company were $239 million. In comparison to the
same period in 2019, this represented an increase of $38 million, or 18.9%, due to the improvement in underlying
operating performance of the Company and the positive contribution from the year-over-year increase in the Company's
ownership interest in Loblaw Companies Limited, as a result of Loblaw share repurchases, partially offset by higher net
interest expense and other financing charges.
• First quarter financial results reflect an estimated increase in revenue of approximately $753 million and net earnings
available to common shareholders of $29 million primarily related to the significant increase in initial demand for
grocery and pharmacy products at Loblaw in March following the onset of the COVID-19 pandemic in Canada.
• The favourable year-over-year impact of the fair value adjustment of the Trust Unit Liability of $1,086 million ($7.07
per common share); and
• the favourable year-over-year impact of the fair value adjustment of the forward sale agreement for 9.6 million Loblaw
common shares of $46 million
• the favourable underlying operating performance of Loblaw and Weston Foods including the impact of COVID-19
estimated at approximately $29 million
"I am proud of our teams who have kept essential supermarkets and pharmacies open, bakery shelves stocked, and
hundreds of properties safe and secure, said Chairman and Chief Executive Officer. We continue to make
meaningful and necessary investments to ensure the well-being of our customers, colleagues, and tenants during
these uncertain times. Looking ahead, each of our businesses is set to deliver long-term value creation from a
position of operational strength and with a solid financial foundation when we transition to a new post-pandemic
reality."
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Group 1 Automotive (USA) Announces First Quarter 2020 Financial
Results
Highlights
• Total revenue decreased -4.2 percent (-3.2 percent), to $2.7 billion.
• Total gross profit decreased -3.5 percent (-2.7 percent), to $416.5 million.
• New vehicle revenues decreased -5.1 percent (-3.8 percent) on a -9.0 percent decrease in
unit sales.
• Retail used vehicle revenues decreased -4.9 percent (-4.2 percent) on -5.3 percent lower
unit sales.
• Parts and service gross profit was about flat at -0.2 percent (+0.4 percent) on revenue
growth of +0.4 percent (+1.0 percent). U.S. Same Store parts and service revenues and gross
profit grew +1.6 percent and +0.9 percent, respectively.
• Finance and Insurance (F&I) gross profit per retail unit (PRU) increased +6.8 percent (+7.4
percent), to $1,559. U.S. Same Store F&I gross profit PRU grew +8.3 percent, or $144, to
$1,880.
• Selling, General and Administrative (SG&A) expenses as a percent of gross profit
increased 280 basis points, to 78.7 percent. Adjusted SG&A as a percent of gross profit
increased 240 basis points, to 78.5 percent.
“Beginning in early March 2020, all three of our regions were negatively impacted by
"shelter in place" mandates in most of the cities where we operate. Up until that time, we
were operating at record sales and profit levels in both the U.S. and the U.K., said Group
1's president and chief executive officer. By mid-March, our U.K. operations were
virtually closed except for emergency service work and many of our U.S. showrooms
were closed. Although most of our U.S. workshops remained open, service work
declined dramatically as customers stayed home as instructed by local governments. Our
Brazilian dealerships were entirely closed for much of March though some workshops
have been permitted to open in April. Since the second week of March, our focus has
turned to fulfilling customer needs within local government mandates and re-sizing our
business to dramatically lower activity levels."
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Bunge (USA) agrees to sell 35 U.S. grain elevators
Bunge Limited announced that it has agreed to sell 35 U.S. interior elevators to Zen-Noh
Grain Corporation. The completion of the sale is subject to customary closing conditions,
including regulatory approval. Through certain supply agreements, Bunge will be able to
access a larger and stronger origination and distribution network through Zen-Noh to
better serve American farmers and global export customers. In addition to the export
terminals in Destrehan and the EGT joint venture, Bunge will retain ownership in
Bunge-SCF Grain, Bunge’s joint venture with SCF, and the Bunge elevators in Indiana
that directly support Bunge’s soybean processing plant in Morristown. Bunge is a world
leader in sourcing, processing and supplying oilseed and grain products and ingredients.
Founded in 1818, Bunge’s expansive network feeds and fuels a growing world, creating
sustainable products and opportunities for more than 70,000 farmers and the consumers
they serve across the globe. The company is headquartered in St. Louis, Missouri and has
almost 25,000 employees worldwide who stand behind more than 350 port terminals,
oilseed processing plants, grain facilities, and food and ingredient production and
packaging facilities around the world.
“This transaction will allow Bunge to operate more efficiently and reinvest in higher
returning areas of the company while reducing costs and strengthening our balance
sheet, said Bunge’s Chief Executive Officer. Bunge will continue to be an industry
leader in the U.S. grain marketplace through global grain trading and distribution
with our export terminals in Destrehan, Louisiana, which we are expanding, and
EGT, our joint venture in the Pacific Northwest. We will also continue our strong
presence in the soybean processing business and milling operations.”
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Hershey (USA) Reports First-quarter 2020 Financial Results
First-Quarter 2020 Results
• Consolidated net sales were $2,037.3 million in the first quarter of 2020 versus $2,016.5 million in the year ago period,
an increase of 1.0%.
• Price realization was a 2.8-point benefit and the net impact of acquisitions and divestitures was a 0.8-point benefit
driven by the acquisition of ONE Brands. Volume and foreign currency exchange were a 2.3 point and a 0.3-point
headwind, respectively. These results were relatively in line with expectations, with a modest impact from COVID-19.
• The company’s first-quarter 2020 results, as prepared in accordance with U.S. generally accepted accounting
principle, included items positively impacting comparability of $86.3 million, or $0.34 per share-diluted, as outlined in
the table below.
• For the first quarter of 2019, items positively impacting comparability totaled $31.2 million, or $0.14 per
share-diluted.
• Reported gross margin was 42.5% in the first quarter of 2020, compared to 44.3% in the first quarter of 2019, a
decrease of 180 basis points. This decrease was driven by incremental derivative mark to market commodity losses.
• Adjusted gross margin was 46.6% in the first quarter of 2020, compared to 45.7% in the first quarter of 2019, an
increase of 90 basis points, driven
• First-quarter 2020 reported operating profit of $382.8 million decreased 12.8% versus the first quarter of 2019,
resulting in an operating profit margin of 18.8%, a decrease of 300 basis points
• Adjusted operating profit of $471.5 million increased 0.2% versus the first quarter of 2019.
• The effective tax rate in the first quarter of 2020 was 19.8%, a decrease of 340 basis points versus the first quarter of
2019.
• The adjusted tax rate in the first quarter of 2020 was 19.1%, a decrease of 290 basis points versus the first quarter of
2019.
“We had a solid start to the year with our business performing as expected prior to the impact of COVID-19, said
The Hershey Company President and Chief Executive Officer. Our best wishes go out to those being affected by
this pandemic, and our heartfelt thanks to those working tirelessly to help us persevere through it. At Hershey, we
have an opportunity to help ensure a steady food supply and create some economic stability for our employees and
the farmers, suppliers and partners that rely on us. We take great pride and passion in our ability to make moments
of goodness during this time when physical connection is limited. The team has demonstrated relentless energy
and dedication to plan and adapt while continuing to operate safely. The situation continues to evolve rapidly, and
it is difficult to predict the future with much certainty. But we have more than 125 years of experience managing
through challenging, fast-moving and unprecedented moments in time. We continue to focus on making the best
long-term decisions for all our key stakeholders and believe this resilience will make us stronger in the days and
years ahead.”
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ICA Gruppen (Sweden) interim report Q1 2020
Highlights
• Consolidated net sales amounted to SEK 30,366 million, an
increase of 8.1%
• Operating profit excluding items affecting comparability was SEK
1,310 million
• Consolidated sales and operating profit were affected by the
ongoing covid-19 pandemic. The effect on operating profit during
the first quarter, which arose during March, is estimated to be in the
range of SEK +50 million
• Profit for the period was SEK 976 million
• Earnings per share were SEK 4.83
“Today we are reporting on a quite unusual quarter,
characterized by a pandemic with global impact that none of us
have experienced before. For us this resulted in a sudden and
dramatic surge in sales as a result of hoarding, which for a time
created major challenges for the entire operation. Even though
this highly intensive period is over, the effects of the ongoing
COVID-19 pandemic will likely affect society and our
operations for a long time into the future.” Said CEO.
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Ingredion Incorporated (USA) Reports First Quarter 2020 Results
Financial Highlights
• Total debt and cash and short-term investments were $1.9 billion and $280 million, respectively, versus
$1.8 billion and $268 million, respectively, at December 31, 2019. The increase in total debt was primarily
driven by timing of borrowings.
• Cash from operations at March 31, 2020 was $65 million, up $47 million from the year-ago period, driven
primarily by improved change in working capital.
• Net financing costs were $18 million or $4 million lower in the first quarter than the year-ago period,
driven by lower interest expense.
• Reported and adjusted effective tax rates for the quarter were 42.6 percent and 26.0 percent, respectively,
compared to 26.6 percent and 27.1 percent, respectively, in the year-ago period.
• The increase in the reported rate was due to a $22 million discrete tax provision driven by the 24 percent
decrease in the value of the Mexican peso against the U.S. dollar during the first quarter.
• First quarter capital expenditures were $98 million, up $18 million from the year-ago period due to timing
of cash payments made to support our investment in plant-based proteins and other growth projects.
• Reported and adjusted operating incomes for the quarter were $153 million and $167 million,
respectively, a decrease of 5 percent and an increase of 1 percent, respectively, from the same period last
year.
• First quarter reported operating income was lower than adjusted operating income by $14 million, driven
by asset closures and restructuring costs related to Cost Smart.
“During these challenging times, Ingredion’s operations are considered ‘essential’ to maintaining the
food supply in the countries in which we operate, said Ingredion’s president and chief executive
officer. I’m extremely proud of our frontline employees for their commitment to ensuring we continue
to deliver quality ingredients and solutions to our customers around the world. I would also like to
express my deep appreciation to all of our global employees for the incredible energy and dedication
they have displayed since the beginning of this crisis. In the weeks and months ahead, we will continue
to focus on keeping our employees safe, serving our customers and the communities in which we
operate and maintaining business continuity.”
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ITOCHU (Japan) Announces Investment in Noin, Inc.
ITOCHU Corporation announced that it has agreed to acquire some shares issued by Noin, Inc. in its capital increase through private placement. ITOCHU aims
to create synergy with its brand business utilizing the NOIN cosmetics e-commerce platform operated by Noin. With the mission of “providing excitement to
everyone’s day,” Noin began operating its cosmetics e-commerce platform in October 2017. It has grown into the leading cosmetics e-commerce platform, with
its NOIC app exceeding 2.5 million downloads. From this spring, Noin is expanding its business along three axes, its e-commerce business, its media business
and its marketing business, and will begin providing a data marketing support plan and an “online sales support plan to support manufacturers. ITOCHU is
working to expand its e-commerce business and enter into new distribution channel utilizing the data is possesses accumulated from approximately 300,000
purchases. ls in its brand business as part of the reinvention of business, one of the basic policies of its Medium-Term Management Plan, Brand-new Deal 2020.
ITOCHU reached an agreement with Noin because of the various synergies such as in the introduction of new brands and the expansion of licensing of existing
brands, as well as in the e-commerce business and the data marketing business, that are expected as a result of the collaboration with Noin, given that the
cosmetics industry has a strong relationship with the brand business. Going forward, ITOCHU will support Noin in expanding its business and enhancing its
corporate value by leveraging ITOCHU’s expertise and network in the brand business and accelerate the reinvention of the brand business by working on fusion
with Nion’s broad knowledge in the cosmetics field.
Description
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JERÓNIMO Martins (Portugal) invests over one million euros in solar
photovoltaic energy generation for self-consumption
The Jerónimo Martins Group has invested one million, two hundred thousand eurosin a solar photovoltaic energy system at its
Valongo Distribution Centre, in the north of Portugal. This is the Group’s third major solar photovoltaic energy project in
Portugal and will enable the generation of 2,121.48 MWh of renewable energy per year, thus preventing 530 tonnes of CO2
emissions. The nearly 5,000 modules installed, spanning an area of approximately 20,000 square metres of the building’s roof,
are already fully operational and account for over 30% energy autonomy of the Distribution Centre’s total energy
consumption.This project builds on the two pilot projects that began operating in 2018 in the south of Portugal, with 3,876 solar
photovoltaic panels at the Algoz Distribution Centre, and 1,600 panels at the Recheio store in Tavira.The Group expects to begin
operating another four self-consumption photovoltaic power stations, all located in the municipality of Lisbon, by the end of the
first half of 2020.
Description
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Kimberly-Clark (USA) Announces First Quarter 2020 Results
First Quarter 2020 Operating Results
• Sales of $5.0 billion in the first quarter of 2020 increased 8 percent compared to the year-ago period.
Changes in foreign currency exchange rates reduced sales by 2 percent and business exits in conjunction
with the 2018 Global Restructuring Program reduced sales slightly.
• Net selling prices and product mix each improved 1 percent. In North America, organic sales increased
11 percent in consumer products and 6 percent in K-C Professional. Outside North America, organic sales
rose 9 percent in developing and emerging markets and 15 percent in developed markets.
• First quarter operating profit was $904 million in 2020 and $655 million in 2019. Results in both
periods include charges related to the 2018 Global Restructuring Program.
• First quarter adjusted operating profit was $997 million in 2020 and $807 million in 2019. Results
benefited from organic sales growth, $100 million of cost savings from the company's FORCE program
and $25 million of cost savings from the 2018 Global Restructuring Program.
• Input costs decreased $115 million, driven by pulp, while other manufacturing costs rose year-on-year.
• Foreign currency translation effects reduced operating profit by $15 million and transaction effects also
negatively impacted the comparison.
• The first quarter effective tax rate was 23.6 percent in 2020 and 24.6 percent in 2019.
• The first quarter adjusted effective tax rate was 23.2 percent in 2020 and 23.7 percent in 2019.
• Kimberly-Clark's share of net income of equity companies in the first quarter was $38 million in 2020
and $27 million in 2019. The improvement was driven by volume growth and lower input costs.
Chairman and Chief Executive Officer said, "Since the outbreak of COVID-19, Kimberly-Clark has
taken decisive actions to protect the health and safety of our people, customers and consumers,
proactively managed our global supply chain to ensure a steady supply of our essential products, and
positioned our brands to help support those in need. I am incredibly proud of all the ways our
employees are responding to this crisis, all while staying focused on serving consumers who count on
Kimberly-Clark. A combination of increased consumer demand for our products and strong execution
by our teams is reflected in our first quarter results. We increased investments in our business and our
market positions remain broadly healthy. In addition, we generated very strong cash flow and further
strengthened our balance sheet by executing two long-term debt transactions in the quarter. Given the
lack of visibility and uncertainty about the pandemic and its potential effects on the global economy
and our business, we are temporarily suspending our forward-looking guidance. We expect that we
will resume guidance when the environment stabilizes and we can provide a clear picture of our
expectations. As always, we are prudently managing our business in the near-term while maintaining
focus on the long-term health of our company."
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Keurig Dr Pepper (USA) Reports Strong Start to 2020
Highlights
• Net sales for the first quarter of 2020 increased 4.4% to $2.61 billion, compared to $2.50 billion in the year-ago period.
On a constant currency basis, net sales advanced 4.5%, reflecting strong volume/mix growth of 5.0%, partially offset
by lower net price realization of 0.5%.
• Operating income decreased 6.4% to $466 million in the first quarter of 2020, compared to $498 million in the
year-ago period, largely reflecting the unfavorable year-over-year impact of items affecting comparability, which
includes an $86 million non-cash impairment charge on an equity investment.
• Also impacting the quarter was inflation, primarily in input costs and logistics, higher operating costs associated with
increased consumer demand, tariffs, and the unfavorable comparison to a $10 million gain on the renegotiation of a
manufacturing contract in the prior year.
• Partially offsetting these drivers were the benefits of productivity and merger synergies, which impacted both SG&A
and cost of sales, the strong growth in net sales and a network optimization program gain of $42 million on the asset
sale-leaseback of four facilities.
• Excluding items affecting comparability, adjusted operating income increased 10.1% to $684 million, compared to
$621 million in the year-ago period, and Adjusted operating margin advanced 140 basis points to 26.2%. On a constant
currency basis, adjusted operating income grew 10.5%.
• Net income decreased 32% to $156 million, or $0.11 per diluted share, in the first quarter of 2020, compared to $230
million, or $0.16 per diluted share, in the year-ago period, meaningfully impacted by items affecting comparability.
• Adjusted diluted EPS advanced 16% to $0.29, compared to $0.25 in the year-ago period.
• The Company generated strong free cash flow of approximately $464 million in the first quarter of 2020, enabling
KDP to reduce bank debt by $42 million and repay $107 million of structured payables.
Commenting on the announcement, Chairman and CEO stated, "We delivered Q1 performance in line with our
long-term targets, building on the business strength demonstrated since our merger in mid-2018 and setting us up
for a strong 2020. However, we are now operating in a distinctly different environment that has required us to
pivot significantly. The extraordinary steps we've taken to keep our teams safe and working, coupled with our
broad portfolio and seven distinct routes to market, position us to continue to successfully navigate this
unprecedented time. I recognize the significant role KDP employees are playing in our future success, and I can't
thank them enough for their tireless efforts to ensure we continue to meet the needs of our customers and
consumers. Finally, while the timing of the macroeconomic recovery remains uncertain, we remain confident in
our ability to deliver the guidance we reaffirmed today, particularly our Adjusted EPS and deleveraging
commitments."
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Kraft Heinz (USA) Reports First Quarter 2020 Results
Highlights
• Net sales were $6.2 billion, up 3.3 percent versus the year-ago period, despite a
negative 1.8 percentage point impact from divestitures and an unfavorable 1.1
percentage point impact from currency.
• Organic Net Sales increased 6.2 percent versus the year-ago period, due to
approximately 6 to 7 percentage points of growth as a result of increased consumer
demand related to the COVID-19 pandemic.
• Net income attributable to common shareholders decreased to $378 million and diluted
EPS decreased to $0.31 mainly due to an unfavorable comparison with a gain on the sale
of the India nutritional beverages business in the prior year period.
• Adjusted EBITDA decreased 1.1 percent versus the year-ago period to $1.4 billion,
including a negative 1.8 percentage point impact from divestitures and a 0.8 percentage
point impact from unfavorable currency.
• Adjusted EPS decreased 12.1 percent to $0.58, primarily reflecting lower other income
and unfavorable changes in non-cash equity award compensation expenses versus the
year-ago period, as well as higher taxes on adjusted earnings in the current period.
“Our first quarter results reflect how strongly our employees have responded to the
global COVID-19 challenge and the exceptional level of service our teams have
demonstrated during this critical time; and for that, it is an incredible privilege to be
part of the Kraft Heinz Company, said CEO Miguel Patricio. The transformation
work we kicked off last year, together with the flexibility, agility, and creativity of
our people, and the tremendous collaboration with our retail customers, are all
coming together. Going forward, we have a singular focus: to meet the demand for
our products and ensure consumers have the food and nourishment they need during
these uncertain times.”
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Molson Coors (USA) Reports 2020 First Quarter Results
Highlights
• Revenue: Net sales decreased 8.7% on a reported basis, and 8.2% in constant currency driven by financial volume declines,
estimated keg sales returns and reimbursements of $31.5 million related to the on-premise impacts resulting from the
coronavirus pandemic across all of our major markets, as well as unfavorable mix, partially offset by higher global net pricing.
• Marketing, general & administrative (MG&A): decreased 3.9%on a reported basis. Underlying MG&A: decreased 2.2% in
constant currency driven by cost savings related to the revitalization plan and targeted spend reductions
• U.S. GAAP pretax: $158.7 million loss compared to income of $181.3 million in the prior year primarily driven by an
approximate $158 million year-over-year variance resulting from unfavorable unrealized mark-to-market changes on our
commodity positions and HEXO warrants, an increase in special charges of approximately $74 million
• Underlying EBITDA: decreased 15.8% in constant currency, driven by the same factors as pretax income with the exception
of changes in our unrealized market-to-market commodity positions and HEXO warrants, special charges, and the estimated
sales returns and finished goods obsolescence reserves and related costs resulting from the on-premise impacts of the
coronavirus pandemic.
• U.S. GAAP cash from operations: net cash used in operating activities for the first quarter of 2020was $18.1 million compared
to $98.5 million in the prior year.
• Underlying free cash flow: cash use of $216.6 million for the first quarter of 2020, which represents a decrease in cash used
of $53.5 million from the prior year, primarily due to favorable timing of working capital and lower cash paid for interest,
partially offset by lower underlying EBITDA and higher cash paid for capital expenditures.
• Debt: Total debt at the end of the first quarter 2020 was $9.477 billion, and cash and cash equivalents totaled $666.1 million,
resulting in net debt of $8.811 billion.
Molson Coors president and chief executive officer said, “The first quarter of 2020 was unlike any other in our company’s
long history. In the early part of the quarter, we saw mounting confidence and enthusiasm for our plans and for our brands
- internally and externally. Despite the early progress, our first quarter results were disproportionately affected by the
coronavirus, a pandemic that has changed the world - not just for our business, and our industry, but for the entire global
economy. Like everyone else, the full impact and what our new normal looks like going forward is still uncertain, but
coronavirus has had, and will have, a material impact on our business. We will continue to navigate this challenging time
by first protecting our employees and mitigating the short-term risks, and second ensuring that we position the business
to compete and win in the long-term.”
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Mondelēz International (USA) Reports Q1 2020 Results
Highlights
• Net revenues increased 2.6 percent driven by Organic Net Revenue growth of 6.4% offset by unfavorable currency
impacts. As a result of COVID-19, growth rates accelerated in developed markets and slowed in emerging markets
versus Q4 2019.
• Gross profit decreased $142 million and margin declined 320 basis points to 36.5 percent, due to mark-to-market
losses from derivatives.
• Adjusted Gross Profit1 increased $151 million at constant currency while Adjusted Growth Profit margin decreased
20 basis points to 39.6 percent primarily due to higher raw material costs in part due to unfavorable currency
movements, and disruption caused by COVID-19.
• Operating income decreased $180 million and margin was 12.8 percent, down 300 basis points primarily due to
mark-to-market losses from currency and commodities derivatives.
• Adjusted Operating Income1 increased $62 million at constant currency, and margin decreased 30 basis points to 16.5
percent driven primarily by the decline in Adjusted Gross Profit margin and higher marketing expenses, partially offset
by pricing and overhead costs leverage.
• Diluted EPS was $0.52, down 17.5%, primarily due to mark-to-market losses from derivatives and losses related to
interest rate swaps.
• Adjusted EPS was $0.69, up 10.8% versus prior year on a constant-currency basis driven by operating gains as well
as higher JV income, share repurchases, lower taxes and higher benefit plan non-service income.
• Capital Return: The company returned approximately $1.1 billion to shareholders in common stock repurchases and
cash dividends.
"We had a strong first quarter, with record market share gains, and executed very well in challenging
circumstances, thanks to the dedication and commitment of our colleagues, especially those on the front line, who
are working tirelessly to provide food to consumers around the world, said Chairman and Chief Executive Officer.
In the last month of the quarter, we saw a significant increase in consumer demand for our snacks in developed
markets, particularly in North America, which more than offset a more challenging environment in several
emerging markets. Our priority at this time is to protect our colleagues and maintain business continuity in service
of our customers and consumers around the world. We remain confident that with our dedicated people, our
portfolio of trusted global and taste-of-the-nation local brands, our strong balance sheet, access to significant
liquidity and our clear strategic priorities, we have everything we need to manage through this pandemic and
emerge stronger on the other side."
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Monster Beverage (USA) Reports 2020 First Quarter Financial Results
First Quarter Results
• Net sales for the 2020 first quarter increased 12.3 percent to $1.06 billion from $946.0 million in the same period last year.
• Gross sales for the 2020 first quarter increased 13.4 percent to $1.24 billion from $1.09 billion in the same period last year.
• Net sales to customers outside the United States increased 25.6 percent to $356.8 million in the 2020 first quarter, from $284.1
million in the 2019 first quarter.
• Gross profit, as a percentage of net sales, for the 2020 first quarter was 60.0 percent, compared with 60.6 percent in the 2019
first quarter.
• Operating expenses for the 2020 first quarter were $272.2 million, compared with $262.1 million in the 2019 first quarter.
Operating expenses included distributor termination expenses of $0.04 million for the 2020 first quarter, compared with $10.7
million in the 2019 first quarter.
• Distribution costs as a percentage of net sales were 3.7 percent for the 2020 first quarter, compared with 3.8 percent in the
2019 first quarter.
• Selling expenses as a percentage of net sales for the 2020 first quarter were 10.3 percent, compared with 11.0 percent in the
2019 first quarter.
• Operating income for the 2020 first quarter increased to $365.0 million from $311.5 million in the 2019 first quarter.
• The effective tax rate for the 2020 first quarter was 23.8 percent, compared with 16.8 percent in the 2019 first quarter. The
increase in the effective tax rate for the 2020 first quarter was primarily attributable to a decrease in the equity compensation
deduction.
• Net income for the 2020 first quarter increased 6.6 percent to $278.8 million from $261.5 million in the 2019 first quarter.
Chairman and Chief Executive Officer, said, “Growth from our Monster Energy® brand energy drinks internationally, as
well as from our Reign Total Body Fuel® high performance energy drinks, contributed to record gross and net sales for
the 2020 first quarter. During the 2020 first quarter in the United States, we launched a number of new exciting products,
including a line of Reign Inferno® Thermogenic Fuel, two new energy drinks in the Monster® Ultra line, a line of Java
Monster® 300, and a line of Monster Hydro® Super Sport, as well as NOS® Turbo. Internationally, we added various
Monster Energy® brand energy drinks, and Reign Total Body Fuel® high performance energy drinks to our portfolio in
certain countries. Monster Energy® Dragon Tea was launched in Brazil in the first quarter and in China in April 2020.
Burn® Dark Energy was launched in Russia, a new Nalu® energy tea line was launched in Belgium, and Mother® Epic
Swell was launched nationally in Australia after a limited launch last year.”
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Murphy USA Inc. Reports First Quarter 2020 Results
Key Highlights:
• Net income was $89.3 million, or $2.92 per diluted share, in Q1 2020 compared to net
income of $5.3 million, or $0.16 per diluted share, in Q1 2019
• Total fuel contribution for Q1 2020 was 22.5 cpg compared to 12.3 cpg in Q1 2019
• Total retail gallons increased 1.2% in Q1 2020 compared to Q1 2019, while volumes
on a same store sale basis decreased 1.0%
• Merchandise contribution dollars grew 10.3% to $107.5 million compared to the
prior-year quarter, on average unit margins of 15.6% in the current quarter
• Common shares repurchased during the first quarter of 2020 were approximately 1.4
million for $140.6 million at an average price of $103.17 per share
"Despite exceptional first quarter performance, our business faces unprecedented
risks and unknown challenges stemming from COVID-19 as the resiliency of our
economy, our public health system, and our citizens are put to the test, said President
and CEO. In times of crisis, companies with robust business models will
successfully navigate through the uncertainty and we believe Murphy USA is
well-positioned to continue serving our customers, our employees, and our
shareholders in this environment. While near-term demand remains uncertain, our
customers continue to rely on us for their core fuel and merchandise needs and we
remain committed to serving them. We have a strong balance sheet, a resilient and
agile business model, and the levers to pull to preserve liquidity if needed. As such,
the long-term view of our value creation potential remains unchanged, despite the
transitory demand impacts we are seeing currently. Lastly, I want to thank all our
store employees, who have risen to the occasion and stood on the front-line during
this crisis, continuing to provide clean, safe, and friendly service to our customers,
despite the difficult environment. I am proud to see the Murphy USA spirit is as
resilient as our business."
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Newell Brands (USA) Announces First Quarter 2020 Results
Highlights
• Net sales were $1.9 billion, a 7.6 percent decline compared to the prior year period, reflecting a 5.1 percent decline in
core sales and the unfavorable impact of foreign exchange.
• Reported gross margin was 32.7 percent compared with 32.1 percent in the prior year period, as productivity initiatives
and pricing more than offset headwinds from tariffs, inflation and mix. Normalized gross margin was 32.8 percent
compared with 31.7 percent in the prior year period.
• Reported operating loss was $1.4 billion compared with operating income of $12 million in the prior year period.
• Impairment charges of $1.5 billion and $63 million were incurred in the current and prior year periods, respectively,
primarily related to goodwill and intangible assets.
• Reported operating margin was negative 74.7 percent compared with positive 0.6 percent in the prior year.
• Normalized operating income was $113 million compared with $124 million in the prior year period. Normalized
operating margin was 6.0 percent, compared with 6.1 percent in the prior year period.
• Interest expense was $63 million compared with $80 million in the prior year period, attributable to a reduction in
outstanding debt
• The company reported a tax benefit of $204 million compared with a benefit of $20 million in the prior year period
due to discrete tax benefits in both periods. Normalized tax expense was $3 million, compared with $4 million in the
prior year period.
• The company reported a net loss of $1.3 billion, or $3.02 diluted loss per share, compared with a net loss of $151
million, or $0.36 diluted loss per share, in the prior year period.
• Normalized net income was $39 million, or $0.09 diluted earnings per share, compared with $53 million, or $0.12
diluted earnings per share, in the prior year period, with an increase in normalized earnings from continuing operations
more than offset by the foregone contribution from divested businesses.
"The turnaround plan that we have been executing against puts Newell Brands on a stronger footing to confront
the significant and unprecedented challenges inherent in the global COVID-19 pandemic, said Newell Brands
President and CEO. We have established three key priorities in this rapidly changing operating and economic
environment. First and foremost is the safety and well-being of our employees. Second, we are taking decisive
actions to sustain the company’s financial vitality with a laser focus on maximizing cash flow and ensuring strong
liquidity. And finally, we are working diligently to keep our manufacturing facilities and distribution centers
operating where possible, so that we can continue to provide critical products to our consumers and customers.
Although we delivered performance in line with or ahead of expectations in Q1, we expect Q2 to be a very
challenging quarter. We are encouraged, however, by the pockets of strength we are seeing in the Food and
Commercial businesses as well as recent point of sale trends in the Appliances & Cookware business in the U.S.
We remain confident in our liquidity position and our ability to successfully navigate the enterprise during these
difficult times."
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Penske Automotive (USA) Reports First Quarter 2020 Results
First Quarter 2020 Operational Information
• Same-store retail revenue decreased 12%
• Same-store new vehicle gross/unit $3,211, flat
• Same-store used vehicle gross/unit $1,375, +$48
• Same-store finance & insurance per unit $1,363, +$87
• Same-store variable gross profit per unit $3,493, +$86
• The company generated $212 million in cash flow from operations and free cash flow of
$145 million. As of March 31, 2020, the company's balance sheet was strong with access to
approximately $1.3 billion in liquidity, including $432 million of cash, $450 million of
availability through revolving credit facilities, and access to $450 million in potentially
financeable real estate.
• During the three months ended March 31, 2020, the company repurchased 890,195 shares,
for $29.4 million, or an average of $33.06 per share. As of March 31, 2020, the company had
remaining share repurchase authorization of approximately $170.6 million.
Chairman said, “In response to the COVID-19 crisis, we implemented a hiring freeze,
initiated expense reductions, deferred approximately $150 million in capital
expenditures, and furloughed approximately 15,000 employees representing 57% of the
worldwide workforce. In addition, we implemented significant pay cuts including a
temporary 100% reduction in salary for the CEO and President, a 25% reduction in
salary for our other executive officers, and the Board of Directors has waived cash
compensation through the end of September 2020. We believe the actions taken will
help us overcome the challenges of the COVID-19 pandemic and are encouraged by the
improving conditions we are starting to see across many of our markets. We will
continue to actively monitor the situation and adjust our business model to adapt to the
changes presented by COVID-19. I am encouraged by the many positive actions taken
by our team to address the changing marketplace. Our digital initiatives continue to
grow our online sales. Further, we have adapted sales processes to facilitate a greater
on-line focus, video messaging, curb-side or home delivery, pick-up and drop-off for
service customers, and remote F&I through docuPAD®. As a result, we have seen
business improve from week to week, as we believe customers have become more
comfortable with these new processes.”
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Performance Food Group Company (USA) Reports Third-Quarter and
First-Nine Months Fiscal 2020 Results
Third-Quarter Fiscal 2020 Highlights
• Total case volume grew 26.4%
• Net sales increased 49.3% to $7.0 billion
• Gross profit improved 33.5% to $807.5 million
• Net loss of $40.2 million
• Adjusted EBITDA increased 23.6% to $131.1 million1
• Diluted loss per share $0.35
• Adjusted Diluted Earnings Per Share (“EPS”) increased 38.1% to $0.581
First-Nine Months Fiscal 2020 Highlights
• Total case volume grew 14.6%
• Net sales increased 39.5% to $19.3 billion
• Gross profit improved 23.0% to $2.2 billion
• Net income declined 64.2% to $37.1 million
• Adjusted EBITDA increased 26.1% to $401.7 million1
• Diluted EPS declined 65.7% to $0.34
• Adjusted Diluted EPS increased 27.2% to $1.731
“The COVID-19 pandemic has brought unique challenges to our industry and Company,
said PFG’s Chairman, President & Chief Executive Officer, and I am very proud of how
our associates have responded. PFG is committed to keeping our associates safe and
taking actions to support the customers and communities we serve while positioning our
business to weather today’s environment and emerge on a strong financial and business
footing. We have raised additional capital in both the equity and debt markets to fortify
our balance sheet. Our confidence in our current liquidity position allows us to focus our
attention on helping our customers and improving our market position for the long term.
This is supported by our acquisition of Eby-Brown last year, which puts us in a strong
position in the convenience store channel, and the integration of Reinhart, which has
continued to progress nicely. While there are still challenges in the days ahead, we are
encouraged that since the beginning of the COVID-19 pandemic, the week of March 22
has represented the low point in our weekly sales level.”
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P&G (USA) Announces Fiscal Year 2020 Third Quarter Results
Highlights
• Net sales of $17.2 billion, an increase of five percent versus the prior year. Excluding the net impacts of foreign
exchange, acquisitions and divestitures, organic sales increased six percent.
• Diluted net earnings per share were $1.12, an eight percent increase versus the prior year. Core earnings per
share increased 10% to $1.17. Currency-neutral core EPS increased 15% versus the prior year.
• Operating cash flow was $4.1 billion for the quarter. Free cash flow productivity was 113%. The Company
returned $2.8 billion of cash to shareholders through $1.9 billion in dividend payments and $900 million of
common stock repurchases in the third quarter.
• Over the last 10 years, P&G has returned over $120 billion to shareholders in cash dividends and stock
repurchase. Earlier this week, P&G announced a 6% increase in the quarterly dividend, marking the 64th
consecutive year the Company has increased its dividend. P&G has been paying a dividend for 130 consecutive
years, since its incorporation in 1890.
• Operating profit margin increased 50 basis points versus the base period on a reported basis, including 50 basis
points hurt from higher non-core restructuring charges.
• The Company maintained its guidance range for fiscal 2020 all-in GAAP diluted net earnings per share growth
at 235% to 245%, noting that the comparison period is significantly depressed by the Gillette Shave Care
impairment charges in fiscal 2019.
• Reported gross margin increased 60 basis points, including a 60 basis-point hurt from higher non-core
restructuring charges versus the prior year.
“The strong results we delivered this quarter are a direct reflection of the integral role our products play in
meeting the daily health, hygiene and cleaning needs of consumers around the world, said Chairman,
President and Chief Executive Officer.Our organization has been doing a terrific job against our near-term
priorities – protecting the health and safety of each other, maximizing availability of P&G products to meet
heightened consumer need and helping society meet and overcome the challenges of this crisis.”
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Snap-on (USA) Announces First Quarter 2020 Results
Highlights
• Net sales of $852.2 million in the first quarter of 2020 compared to $921.7 million in 2019, reflecting a $62.7 million, or 6.9%,
organic sales decline and $10.3 million of unfavorable foreign currency translation, partially offset by $3.5 million of
acquisition-related sales. The lower sales volume primarily reflects the impact of economic uncertainty associated with the
COVID-19 pandemic.
• Operating earnings before financial services for the quarter of $138.9 million, or 16.3% of sales, including $7.5 million of exit
and disposal costs, primarily related to actions in Europe, and $3.3 million of unfavorable foreign currency effects, compared
to $187.4 million, or 20.3% of sales last year
• Excluding the restructuring charges in the first quarter of 2020 and the legal settlement in 2019, operating earnings before
financial services, as adjusted, of $146.4 million decreased $29.4 million, or 16.7%, from $175.8 million in 2019.
• Financial services revenue in the quarter of $85.9 million increased $0.3 million from 2019 levels; financial services operating
earnings of $56.9 million compared to $62.1 million last year.
• Under the recently adopted credit loss standard, financial services operating earnings in 2020 include $2.6 million of higher
credit reserve requirements as a result of global economic uncertainty.
• Consolidated operating earnings for the quarter of $195.8 million, including $7.5 million of restructuring charges, $2.6
million of higher credit reserve requirements and $3.5 million of unfavorable currency effects, compared to $249.5 million last
year, which included an $11.6 million benefit from the legal settlement.
• The first quarter effective income tax rate was 24.2% in 2020 and 24.3% in 2019.
• Reported net earnings in the first quarter of 2020 of $137.2 million, or $2.49 per diluted share, compared to $177.9 million,
or $3.16 per diluted share, a year ago. Excluding the restructuring charges in 2020 and the legal settlement in 2019, net
earnings, as adjusted, were $143.2 million, or $2.60 per diluted share, in 2020, and $169.2 million, or $3.01 per diluted share,
last year.
“As a result of the global impact of COVID-19, particularly near the end of the period, the worsening economic
conditions impacted our sales and earnings during the first quarter, said Snap-on chairman and chief executive officer.
During these challenging times, as we prioritize the health and safety of our associates, franchisees, customers, and
communities, we continue to support essential activities and serve serious professionals engaged in performing the
critical tasks that underpin and advance our society. Furthermore, we will continue to utilize our Snap-on Value Creation
Processes, as we believe these principles will help guide us through an uncertain future in a rapidly changing
environment, as they have in the past. Again, this quarter, but especially in this time of turbulence, I want to extend my
thanks to our franchisees and associates worldwide for their significant contributions, unfailing dedication, and
extraordinary resilience.”
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Stanley Black & Decker (USA) Reports 1Q 2020 Results
Highlights
• Net sales of $852.2 million in the first quarter of 2020 compared to $921.7 million in 2019, reflecting a $62.7 million, or 6.9%,
organic sales decline and $10.3 million of unfavorable foreign currency translation, partially offset by $3.5 million of
acquisition-related sales. The lower sales volume primarily reflects the impact of economic uncertainty associated with the
COVID-19 pandemic.
• Operating earnings before financial services for the quarter of $138.9 million, or 16.3% of sales, including $7.5 million of exit
and disposal costs, primarily related to actions in Europe, and $3.3 million of unfavorable foreign currency effects, compared
to $187.4 million, or 20.3% of sales last year
• Excluding the restructuring charges in the first quarter of 2020 and the legal settlement in 2019, operating earnings before
financial services, as adjusted, of $146.4 million decreased $29.4 million, or 16.7%, from $175.8 million in 2019.
• Financial services revenue in the quarter of $85.9 million increased $0.3 million from 2019 levels; financial services operating
earnings of $56.9 million compared to $62.1 million last year.
• Under the recently adopted credit loss standard, financial services operating earnings in 2020 include $2.6 million of higher
credit reserve requirements as a result of global economic uncertainty.
• Consolidated operating earnings for the quarter of $195.8 million, including $7.5 million of restructuring charges, $2.6
million of higher credit reserve requirements and $3.5 million of unfavorable currency effects, compared to $249.5 million last
year, which included an $11.6 million benefit from the legal settlement.
• The first quarter effective income tax rate was 24.2% in 2020 and 24.3% in 2019.
• Reported net earnings in the first quarter of 2020 of $137.2 million, or $2.49 per diluted share, compared to $177.9 million,
or $3.16 per diluted share, a year ago. Excluding the restructuring charges in 2020 and the legal settlement in 2019, net
earnings, as adjusted, were $143.2 million, or $2.60 per diluted share, in 2020, and $169.2 million, or $3.01 per diluted share,
last year.
Stanley Black & Decker's President and CEO, commented, "We have focused our organization around four key priorities:
(1) ensuring the health and safety of our employees and supply chain partners; (2) maintaining business continuity and
financial strength and stability; (3) serving our customers as they provide essential products and services to the world; and
(4) doing our part to mitigate the impact of the virus across the globe. In the first quarter, as we navigated through the
early stages of one of the more challenging global crises the world has experienced, our team demonstrated great agility
and resiliency in tackling the supply chain and initial demand impacts from the global pandemic as well as the carry-over
headwinds from tariffs and currency. We are making critical decisions around those priorities every day to protect the
company, our employees and all of our stakeholders. We are proud of how quickly and effectively our employees have
responded and are confident in our ability to maintain the vitality, strength and sustainability of our 177-year-old
company."
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Sumitomo Corporation (Japan) Invests in Creadits, Digital Ad Production Plat-
form Operator
Sumitomo Corporation through its corporate venture capital Sumitomo Corporation Equity Asia has invested in Creadits Pte. Ltd., which is a
subsidiary of Allied Architects, Inc. and provides CREADITS®, a creative platform for digital advertising production primarily in markets in Europe
and the United States. Recently, with the rapid expansion of the digital advertising market, demand for creatives, such as images and videos, to be used
in digital ads are increasing. Digital ads expose a wide variety of creatives in short cycles, so advertisers need to build a system for producing many
creatives with short delivery times, which includes securing designers. Additionally, the process of creative production involves frequent confirmation
between the advertiser and the designer, which increases time and cost needs, requiring automation and other improvements in operational efficiency.
Creadits provides CREADITS®, a platform that matches advertisers with designers and allows them to engage in the communication required for
creative production. By introducing the most suitable designer selected from affiliated designers around the world and enabling them to communicate
on the platform until completion, Creadits helps to achieve high-quality creative production in a shorter time period at a lower cost. Creadits also
provides support necessary for the use of digital ads, including proposals on advertising strategy and creative ideas. To promote efficiency
improvement in creative production, Creadits plans to develop artificial intelligence business driven by the data accumulated on the platform.
Description
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Stake (Japan) Acquired in Unmanned Air System Traffic Management System
Developer OneSky Systems, Inc.
Sumitomo Corporation through Sumitomo Corporation of Americas has acquired a stake in OneSky Systems, Inc. OneSky Systems, Inc. develops unmanned air
system traffic management systems, which are essential for an air mobility society. Air mobility is the next-generation means of transportation, using airspace as
a transportation network. Air mobility is expected to reduce transport times in urban areas and facilitate mobility for remote islands and mountainous areas. It will
also reduce emergency response times. The advent of an air mobility society will fill airspaces with unmanned aerial vehicles necessitating systems to manage
UAV traffic. OneSky Systems, Inc., an affiliate of Analytical Graphics, Inc., develops UAS traffic management systems, which establish safe flight paths to
prevent collisions between UAVs. This kind of traffic management requires more advanced technical capabilities than traditional aircraft control systems. Using
an intellectual property agreement, OneSky Systems, Inc. has exclusive access to AGI’s core technology of precise object position determination, and has applied
this technical prowess to developing systems to serve as critical infrastructure to operate and manage UAVs. Sumitomo Corporation concluded an air mobility
business partnership with Bell Helicopter Textron Inc., a major US helicopter manufacturer, and Japan Airlines Co., Ltd. Sumitomo Corporation has begun
considering the provision of services employing unmanned logistics drones and air taxis developed by Bell with an eye to commercializing them by the
mid-2020s. The Sumitomo Corporation Group is looking to establish innovative transport services, and it will be contributing substantially to building a
next-generation mobility society through its new transport infrastructure business.
Description
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Sysco (USA) Reports Third Quarter Fiscal 2020 Results
Third Quarter Fiscal 2020 Highlights
• Sales decreased 6.5% to $13.7 billion
• Gross profit decreased 6.9% to $2.6 billion; gross margin decreased 7 basis
points
• Operating income decreased 88.6% to $60.3 million; adjusted¹ operating
income decreased 39.2% to $377.0 million
• EPS decreased $0.86 to $(0.01); adjusted¹ EPS decreased $0.34 to $0.45
First 39 Weeks of Fiscal 2020 Highlights
• Sales decreased 1.4% to $44.0 billion
• Gross profit decreased 1.1% to $8.3 billion; gross margin increased 5 basis
points
• Operating income decreased 20.4% to $1.3 billion; adjusted¹ operating
income decreased 8.8% to $1.7 billion
• EPS decreased $0.55 to $1.62; adjusted¹ EPS decreased $0.16 to $2.29
“In these unprecedented times, Sysco has a foundation which allows us to
operate from a position of financial strength and flexibility. Soon after the
onset of the crisis, Sysco took swift and decisive action to adjust to the new
operating environment. Our strong balance sheet provides the stability to
navigate the current environment, and we remain confident in our ability
to achieve continued success and growth over the long term, said Sysco’s
president and chief executive officer. I am immensely proud of the way
Sysco associates have served our customers and made the company their
most valued and trusted partner during this difficult period. Sysco has a
long track record of supporting customers and communities during crises,
and through this experience, we have seen first-hand the essential role our
company plays in the food supply chain.”
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Tapestry, Inc. (USA) Reports Fiscal 2020 Third Quarter Results
Highlights
• Net sales totaled $1.07 billion for the fiscal third quarter as compared to $1.33 billion in the prior year.
• Gross profit totaled $616 million on a reported basis, while gross margin for the quarter was 57.4%
compared to $916 million and 68.8%, respectively, in the prior year.
• SG&A expenses totaled $1.30 billion on a reported basis and represented 121.3% of sales compared to
$806 million and 60.6%, respectively, in the year ago quarter.
• Operating loss was approximately $685 million on a reported basis, while operating margin was (63.9) %
versus operating income of $110 million and an operating margin of 8.2% in the prior year.
• On a non-GAAP basis, operating loss was $32 million, while operating margin was (2.9) % versus
operating income of $145 million and an operating margin of 10.9% in the prior year.
• Net interest expense was approximately $13 million in the quarter as compared to $11 million in the year
ago period.
• Other expense was $6 million versus $4 million in the prior year.
• Net loss for the quarter was $677 million on a reported basis, with earnings per diluted share of ($2.45).
This compared to net income of $117 million with earnings per diluted share of $0.40 in the prior year
period.
• The reported tax rate for the quarter of 4.0% compared to the prior year reported rate of (23.4) %. On a
non-GAAP basis, net loss for the quarter was $76 million with earnings per diluted share of ($0.27).
Chairman and Chief Executive Officer of Tapestry, Inc., said, “We entered the calendar year with
strong underlying momentum. As the novel coronavirus expanded across the globe, our results
materially weakened. In navigating this unprecedented crisis, we are guided by our values and have
continued to prioritize our community – our people, their families, and our customers. I am incredibly
proud of our teams around the world and the resilience they have shown in facing events that have
impacted every aspect of how we live our lives and manage our business. No one is immune to the
effects of this one-hundred-year storm. We are taking aggressive actions to assure that Tapestry
emerges a strong company when conditions normalize. We have powerful brands with deep consumer
connections and a long history of successfully navigating global challenges and macroeconomic
shocks. In addition, we have a strong balance sheet, we benefit from a multi-channel international
distribution model with only modest exposure to wholesale, and a diversified supply chain.”
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Tractor Supply Company (USA) Reports First Quarter 2020 Financial
Results
First Quarter Results
• Net sales for the first quarter 2020 increased 7.5% to $1.96 billion from $1.82 billion in the first quarter of 2019.
Comparable store sales increased 4.3% compared to an increase of 5.0% in the prior year’s first quarter. The
comparable store sales results included an increase in comparable average ticket of 5.4% and a decrease in
comparable transaction count of 1.1%.
• Gross profit increased 7.5% to $661.2 million from $615.0 million in the prior year’s first quarter, and gross
margin was 33.8%, essentially flat to the prior year’s first quarter.
• Selling, general and administrative expenses, including depreciation and amortization, increased 7.3% to
$548.7 million from $511.6 million in the prior year’s first quarter. As a percent of net sales, SG&A expenses
improved seven basis points to 28.0% from 28.1% in the prior year’s first quarter. Certain first quarter costs as a
percent of net sales were higher than the prior year, driven by incremental costs from COVID-19 such as
investments in pay and benefits and the impact of additional labor hours and supply costs dedicated to COVID-19
cleaning actions.
• The effective income tax rate was 22.1% compared to 22.0% in the prior year’s first quarter.
• Net income increased 9.0% to $83.8 million in the first quarter of 2020 from $76.8 million in the prior year’s
first quarter, and diluted earnings per share increased 12.7% to $0.71 from $0.63 in the first quarter of 2019.
• The Company repurchased approximately 2.9 million shares of its common stock for $263.2 million and paid
quarterly cash dividends totaling $40.9 million, returning $304.1 million of capital to shareholders in the first
quarter of 2020.
“Our year-to-date results underscore the importance of Tractor Supply as an essential, needs-based retailer.
Tractor Supply delivered solid results in the first quarter, and second quarter sales are off to a strong start,
said Tractor Supply’s President and Chief Executive Officer. I can’t thank the Tractor Supply team members
enough for their dedication and support of each other and our customers. During these unprecedented times,
I am incredibly proud of how the team is responding. The health and safety of our team members and
customers will continue to be our highest priority. Across our business, we have taken more than 100 actions
in response to the COVID-19 crisis with a focus on being preemptive and proactive. Tractor Supply has a
strong and resilient business model, and we are confident we will emerge from the crisis even stronger.”
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Tyson Foods (USA) Reports Second Quarter 2020 Results
First Six Months Highlights
• GAAP EPS of $2.52, down 6% from prior year; Adjusted EPS of $2.43, down 13% from
prior year
• GAAP operating income of $1,327 million; Adjusted operating income of $1,395 million
• Total Company GAAP operating margin of 6.1% and Adjusted operating margin of 6.4%
• Record Beef GAAP operating margin of 6.6% and record Adjusted operating margin of
6.9%
• Record total Company sales of $21,703 million
Second Quarter Highlights
• GAAP EPS of $1.00, down 15% from prior year; Adjusted EPS of $0.77, down 36% from
prior year
• GAAP and Adjusted operating income of $501 million
• Total Company GAAP and adjusted operating margin of 4.6%
• Record total Company sales of $10,888 million
• Secured $1.5 billion term loan facility
“The health and wellbeing of our team members remains our top priority as we fulfil our
critical role feeding the world in these uncertain times, said Tyson Foods’CEO. We have
instituted safeguards that meet or exceed CDC and OSHA guidelines at all our facilities
to protect our teams and keep our workers, families and communities safe. During the
quarter, we witnessed an unprecedented shift in demand from foodservice to retail,
temporary plant closures, reduced team member attendance, and supply chain volatility
as a result of the virus. Despite these challenges, we were able to adjust our product mix
and redirect products to the appropriate channels. While we cannot anticipate how long
the challenges presented by COVID-19 will persist, we remain focused on driving
long-term growth. Our solid balance sheet, ample liquidity, scale and diversity continue
to give us confidence in our long-term outlook.”
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US Foods (USA) Completes Acquisition of Smart Foodservice Warehouse Stores
US Foods Holding Corp. announced that it has successfully completed the
previously announced $970 million all cash acquisition of Smart Foodservice
Warehouse Stores. The transaction that closed excludes the Smart & Final retail
grocery business, which was previously separated from Smart Foodservice.
Founded in 1955 and headquartered in the greater Portland, Oregon area, Smart
Foodservice operates 70 small-format cash and carry stores across California,
Washington, Oregon, Idaho, Nevada, Utah and Montana that serve small and
mid-sized restaurants and other food business customers with a broad assortment
of products. Smart Foodservice will operate as a separate operating unit within
US Foods, with minimal integration required. US Foods funded the purchase
price for the acquisition with cash on hand and the proceeds from a $700 million
term loan. US Foods expects to achieve approximately $20 million in annual
run-rate cost synergies by the end of 2023, primarily through purchasing
efficiencies and expansion of private brand products.
“We are pleased to welcome Smart Foodservice to the US Foods family, said
Chairman and CEO. With our shared commitment to supporting restaurant
operators and providing best-in-class customer service, Smart Foodservice
will complement our CHEF’STORE cash and carry model and provide a
platform to enhance our presence in this attractive channel.”
Description
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World Fuel Services Corporation(USA) Reports First Quarter 2020
Results
First-Quarter 2020 Highlights
• Total gross profit of $258.7 million, up 3% year-over-year
• GAAP net income of $41.4 million, or $0.63 per diluted share
• Adjusted net income of $43.6 million, or $0.67 per diluted share
• Adjusted EBITDA of $95.4 million
• marine segment generated gross profit of $59.3 million, an increase of
68% year-over-year, primarily related to stronger performance resulting
from heightened market volatility and higher prices related to the impact of
the implementation of low sulphur regulations at the beginning of 2020.
• aviation segment generated gross profit of $93.2 million, a decrease of
19% year-over-year, primarily driven by a reduction in commercial airline
activity in the latter part of the quarter related to the coronavirus pandemic
as well as a decline in government-related activity.
“Our company entered the year in a position of strength, from both a
liquidity and operational perspective, which coupled with our past
experience and the diversity of our business and people, will be
invaluable as we navigate through the current crisis, stated Chairman
and chief executive officer of World Fuel Services Corporation. We are
confident in our ability to continue to be a reliable counterparty to our
customers and suppliers through these unpredictable times and our
worldwide team of professionals are committed to continuing to safely
meet the energy needs of the global marketplace.”
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Solutions Updates
Retail & Consumer Goods Industry

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AMOREPACIFIC (South Korea) Develops Material Technology for Transparent
Physical Sunscreen
39
Solution Description
Amorepacific R&D Center developed a ‘platform technology for supraballs physical sunscreen material’that does not leave white cast, while effectively reflecting
UV rays by conducting a joint research. This research finding, which can lead to developing an innovative physical sunscreen, was published on an internationally
renowned academic journal in the field of materials called ‘Particle & Particle Systems Characterization’, on both the journal’s March online edition and as the
featured cover article of the April edition. It is known that skin aging is mostly caused by exposure to light. Many cosmetics with UV protection are being
developed to protect the skin from UV rays, which especially cause skin damage, by reflecting or absorbing UV light. Zinc oxide and titanium dioxide are the most
commonly used ingredients to reflect UV light in physical sunscreens, but these ingredients cause white cast due to the high refractive index of the particles and
they tend to harden the product’s formulation. Since the launch of Korea’s first-ever sunscreen, ABC Parasol Cream, in 1959, Amorepacific R&D Center continues
to develop innovative physical and chemical sunscreen ingredients based on its research capacity in fundamental science. The center continued original material
development research projects. As a result, in 2003, it launched HERA Sun Mate Cream, which utilizes organic and inorganic nanocomposite technology. And in
2019, it applied material technology of poorly water-soluble organic UV filter stabilization to IOPE UV Shield Sun Anti-pollution and LANEIGE White Dew
Tone-up Fluid.

Altria Reports 13% Revenue Growth in Q1 2020

Altria Reports 13% Revenue Growth in Q1 2020

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