The company's farm equipment sales held up better than construction equipment amid the coronavirus pandemic.
CFO Tarek Robbiati attributed the revenue decline primarily to supply chain disruption, which resulted in “significantly higher” levels of backlog.
The retailer's sales jumped 11.3% but margins were pressured as consumers switched to e-commerce amid the coronavirus crisis.
With dine-in sales shut down, the company has waived delivery fees, provided curbside pickup and launched shareable family meal packs.
The company's Q1 results missed estimates but its performance "validates the strength, durability and flexibility of our business model.”
CFO Hiroki Totoki says Sony's consumer electronics unit has been hardest hit by the pandemic “but the impact will expand to other businesses."
“In the last few months, we have seen the impact of COVID-19 spread throughout our business in an unprecedented way."
The software firm cited the negative impact of COVID-19 on small business customers and the extension of the tax filing deadline to July 15.
“We believe that we’re positioned well to manage through this because we’ve taken swift actions to preserve liquidity,” CFO Dhivya Suryadevara says.
“Disney has gone from being on top of the world a la Lion King, to feeling like Eeyore stuck in the middle of a perfect storm with no end in sight."
The company expects coronavirus-related disruptions will “increase our operating costs and negatively impact our volumes" for the rest of this year.
“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins."
