Lincoln Electric Q2 Profit Plunges, But Results Top – Quick Facts

Lincoln Electric Holdings, Inc. (LECO) reported Monday that net income for the second quarter plunged to $27.0 million or $0.45 per share from $85.45 million or $1.36 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $48.0 million or $0.80 per share, compared to $80.87 million or $1.28 per share in the year-ago quarter.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts’ estimates typically exclude special items.

Net sales for the quarter decreased 24.0 percent to $590.73 million from $777.01 million in the same quarter last year. Organic sales declined 24.8 percent. Analysts expected revenues of $552.55 million.

Looking ahead, the company said it has expanded its cost action initiatives as the pace of recovery remains uncertain and now expect to generate $55 to $65 million in realized cost savings in 2020.

Legg Mason Inc. Q1 adjusted earnings Beat Estimates

Legg Mason Inc. (LM) revealed a profit for its first quarter that climbed from the same period last year.

The company’s earnings came in at $49.4 million, or $0.54 per share. This compares with $45.4 million, or $0.51 per share, in last year’s first quarter.

Excluding items, Legg Mason Inc. reported adjusted earnings of $65.4 million or $0.71 per share for the period.

Analysts had expected the company to earn $0.64 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 5.6% to $666.2 million from $705.4 million last year.

Legg Mason Inc. earnings at a glance:

-Earnings (Q1): $65.4 Mln. vs. $67.0 Mln. last year.
-EPS (Q1): $0.71 vs. $0.75 last year.
-Analysts Estimate: $0.64
-Revenue (Q1): $666.2 Mln vs. $705.4 Mln last year.

Google Employees To Work At Home Until Next July Due To Pandemic – Report

Google employees will work from home at least until next July due to the coronavirus pandemic, a decision that makes the search engine company the first major U.S. corporation to commit to the year-long stay-at-home plan.

According to a report in today’s Wall Street Journal, Google’s plan affects nearly all of the company’s 200,000 full-time and contract employees across Google parent Alphabet Inc. WaPo describes Google’s decision as among the “cautious camp of companies” with regard to remote working. The newspaper reports that the decision was made last week by Alphabet Chief Executive Sundar Pichai.

Sources tell WaPo that Pichai made the decision “in part by sympathy for employees with families to plan for uncertain school years that may involve at-home instruction…”

Some Google staffers have already been notified, with a general announcement expected as early as today.

Gold Hits Record High Amid Virus Fears

Gold surged to record highs on Monday as coronavirus pandemic-related concerns and escalating U.S.-China tensions sent investors scurrying to the safety of bullion.

Spot gold jumped 2.1 percent to $1,941.51 per ounce after hitting a record high of $1,944.57. U.S. gold futures were also up 2.1 percent at $1,937.55.

Global coronavirus cases exceeded 16 million over the weekend with over 644,000 deaths.

China today reported its highest number of coronavirus cases in three months after fresh clusters hit three separate regions.

The U.K. surprised holidaymakers and tourism businesses alike over the weekend when it abruptly announced a 14-day quarantine on travelers coming from Spain.

The Spanish health ministry reported more than 900 new cases of the coronavirus on Friday.

U.S.-China ties have deteriorated this year over issues ranging from the new coronavirus and telecoms-gear maker Huawei to China’s territorial claims in the South China Sea and Hong Kong crackdown.

Many observers are pessimistic about deteriorating U.S.-China relations following the closures of consulates in Houston and Chengdu.

Falling yields and weaker dollar also boosted demand for the precious metal.

The dollar hit fresh four-month lows below ¥105.40 in Tokyo trading, reflecting growing concerns over the outlook for the global economy and amid bets that the U.S. Federal Reserve could flag another accommodative policy shift when it meets this week.

Mark & Jay Duplass Strike Spotify Podcast Deal

Mark and Jay Duplass, creators of HBO’s Room 104 and Netflix’s Wild Wild Country, are the latest creatives to sign up to Spotify to create original podcasts.

The pair, who also created HBO’s Togetherness and produced Netflix’s Evil Genius, have struck a first-look development deal via their Duplass Brothers Productions (DBP) banner. They will produce both scripted and unscripted podcast series.

They are in good company, joining the likes of Barack and Michelle Obama, who recently unveiled The Michelle Obama Podcast as their first Spotify original podcast via their Higher Ground Productions, as well as Joe Rogan.

“We are incredibly excited to partner with Spotify for our first foray into podcasting. Also terrified because making a truly engaging narrative podcast seems really, really difficult. Was this a mistake? Maybe we should pull out of this deal before they announce?” said Mark and Jay Duplass.

“As Spotify continues to partner with unique and iconic storytellers, we are thrilled to announce our partnership with Mark and Jay Duplass. They are so creatively versatile that we’re confident they’ll figure this podcasting thing out,” said Liz Gateley, Head of Network Programming at Spotify.

The Duplass Brothers are repped by ICM Partners and Paul Anderson of Workhouse Media.