Manufacturing news

In its report on Tuesday, Imperial Brands (LON: IMB) revealed an increase in its revenue in the 1st half (H1) of fiscal 2020. The company also announced to have slashed its interim dividend by around 33%. Imperial Brands pre-tax profit in H1 came in lower than expected on Tuesday. Imperial Brands recently sold its hand-rolled cigar business for £1.1 billion. In the first half of the financial year that ended on 31st March, the company reported £7...

Sources informed on Monday that Thyssenkrupp (ETR: TKA) is seeking to consolidate its steel business. The company is already negotiating with international peers over its loss producing segment. Thyssenkrupp Steel Europe is the largest steelmaker in Germany that saw an around £322 million loss in the 1st half of the current financial year. Following the announcement, shares of the company were reported roughly 5.6% up on Monday. The German multin...

The U.S Commerce Department announced an adjustment to its export policy that strategically targeted China’s telecoms giant, Huawei Technologies Co Ltd. The White House is exercising its authority on global chipmakers that use U.S technology to get a license to sell semiconductors to Huawei. As per the new rule, such companies are now banned from supplying semiconductor chips to Huawei. A senior official of the Commerce Department commented on th...

The Coronavirus pandemic has brought the global auto industry to a near halt. Car manufacturers from across the globe have reported COVID-19 to have weighed on performance in recent months. Despite challenges and delays in other projects due to the ongoing health crisis, however, Volkswagen (ETR: VOW) and Ford Motor (NYSE: F) announced on Friday that the companies plan on teaming up to build electric and autonomous vehicles. Volkswagen was report...

In a report on Thursday, 3M Co. (NYSE: MMM) said that its sales in April were noted 11% down to £1.88 billion as the Coronavirus pandemic pushed its factories into a temporary shutdown. While COVID-19 fuelled demand for face masks, the company added, it weighed on the rest of its product line that includes items like industrial glues. 3M fell roughly 2.5% in the stock market on Thursday in the morning session but recovered almost all of the loss...

In a joint statement on Thursday, Fiat Chrysler Automobiles (BIT: FCA) and Peugeot S.A (EPA: UG) announced to have suspended 2019’s ordinary dividend citing the Coronavirus pandemic that brought the global auto industry to a near halt. As per experts, the global auto industry has taken the worst hit due to COVID-19 since the market crash of 2008-09. As the primary markets including the U.S and Europe resorted to lockdowns to minimize the fast tra...

In a statement on Wednesday, Intel Capital announced to have made investments in two Chinese semiconductor startups. Intel Corp. (NASDAQ: INTC) is currently struggling with the ongoing tensions between the U.S and China in the sector of chip manufacturing.    As per the sources, Intel Capital made its first investment in Chinese ProPlus that makes EDA software. The tool is widely used by the global chipmakers to design products before m...

Sony Corp. (TYO: 6758) said on Wednesday that it estimates its operating profit to see a 30% decline in the current fiscal year that started in April that will mark a 4-year low for the company. Sony attributed its downbeat outlook to the Coronavirus pandemic that is weighing heavily on demand for its cameras, television sets, and smartphone image sensors. The company further added that government-imposed lockdowns have resulted in unparalleled d...

Aston Martin (LON: AML) said on Wednesday that it saw a significant loss in the first quarter as the Coronavirus pandemic brought the global auto industry to a near halt and wiped demand. The luxury car manufacturer also highlighted that production of its much-anticipated DBX SUV, however, is still on track. Aston Martin went public in 2018 when its shares were priced at £19. In less than two years, however, the stock has slumped to 35 pence per...

Logitech (SWX: LOGN) said that its quarterly sales came in 13.6% higher on Tuesday. Its computer products, the company added, were greatly in demand in the recent quarter as the Coronavirus pandemic pushed companies into resorting to work from home arrangements. Logitech said that its software, video conferencing equipment, and webcams saw a sharp increase in demand as governments ordered schools and offices to temporarily shut down to minimize t...

In its announcement on Tuesday, Toyota Motor (TYO: 7203) warned that its full-year profit is expected to decline by 80% that will mark the steepest fall in profit for the automaker in almost a decade. Toyota is currently struggling to cushion the economic blow from the Coronavirus pandemic that has brought the global auto industry to a near halt. COVID-19 had pushed the global automakers into temporarily suspending operations in recent months. Wh...

Cardinal Health Inc. (NYSE: CAH) announced its third-quarter earnings report on Monday. Topping analysts’ estimates for earnings and revenue, the company was reported 7.7% up in premarket trading on Monday. The health services company reported a net income of £285 million in the third quarter that translates to 97 pence of earnings per share. In the same quarter last year, the company had recorded £241 million in net income or 80.5 pence of earni...

Under Armour (NYSE: UAA) released its quarterly financial results on Monday that reported a 23% decline in sales in the first quarter. The company attributed the downbeat performance to the Coronavirus pandemic that forced it into temporarily shutting down its stores and delaying the turnaround plans. Under Armour said that it plans on slashing its operating costs by £264 million in 2020 to cushion the economic blow from the health crisis. Some o...

According to CPCA (China Passenger Car Association), Tesla Inc. (NASDAQ: TSLA) sold a total of 3,635 Model 3 (Shanghai-manufactured) in China in April that marked a massive 64% decline as compared to March. The U.S electric car manufacturer, however, is known to report fewer sales in the 1st month as compared to the remaining 2 months of the quarter. As per the online briefing of the industry body, Tesla manufactured more than 10K units at its Sh...

Siemens AG (ETR: SIE) said on Friday that its industrial profit came in 18% lower in the second quarter. The company also withdrew its previous full-year guidance for 2020 and warned that the impact of the Coronavirus pandemic on its performance is expected to be more pronounced in the third quarter. Originally, Siemens had estimated moderate growth in its full-year revenue this year. Following the Q2 earnings report, however, the company revised...

Roku Inc. (NASDAQ: ROKU) released its first-quarter earnings report on Thursday that topped the analysts’ estimate for revenue. The report offered an initial insight into the Coronavirus impact on the company’s financial performance as the pandemic pushed advertisers into slashing spending in recent months. Following Roku’s announcement that ad cancellations were greater than usual in Q1, the stock was reported around 10% down in extended trading...

General Motors (NYSE: GM) recorded a £237 million profit in the first quarter on Wednesday despite the Coronavirus pandemic that brought the global auto industry to a near halt. The company’s North American business generated £1.78 billion in quarterly earnings but its international operations lost £445 million in Q1. The company reported a £1.05 billion pre-tax profit (adjusted) in the first quarter that came in 45.9% lower as compared to the sa...