SEC Extended 1st Quarter Reporting by 45 Days

by 1st_Amendment_EndRun

SEC extends deadline to provide certain disclosures, such as earnings, by 45 days, so MarketWatch asked all 30 Dow components their plans. The Securities and Exchange Commission will allow companies to delay reporting earnings, if needed, but that doesn’t mean any of them will. The SEC said last week that it would extend the deadline for companies to provide certain disclosure reports by 45 days, given business disruptions resulting from the COVID-19 pandemic. The companies requesting delays just have to provide a summary of why an extension is needed for each report, the SEC said. Read MarketWatch’s Coronavirus update. Some of the companies within the Dow Jones Industrial Average have already issued press releases stating when their earnings reports will be released. But as many companies have withdrawn financial guidance, given difficulties in assessing the potential impact of the coronavirus health crisis, they can still look to push back releasing those reports. Don’t miss: First-half earnings are a bust as coronavirus stops companies in their tracks. Will the second-half be better? It depends. MarketWatch asked all 30 Dow companies whether they would take advantage of the added flexibility in reporting results. Here is what the companies that responded said (in alphabetical order):

American Express Co. .(AXP)
American Express is scheduled to report first-quarter first-quarter results on April 24 .
“We are still focused on 4/24 as a date,” said Marina Norville , vice president of corporate affairs and communications.

Caterpillar Inc. .(CAT)
(CAT)” Caterpillar’s first-quarter earnings will be released on April 28, 2020 as stated in the company’s recent press release issued March 26, 2020 ,” said Kate Kenny , corporate media manager at Caterpillar , in an emailed response.

Chevron Corp. .(CVX)
(CVX) Chevron is projected to report first-quarter results on or about April 24, according to FactSet, after reporting result on April 26 a year ago. “We are planning to report our earnings following a similar schedule and process as we have done in the past,” said Sean Comey , senior adviser–external affairs at Chevron .

Cisco Systems Inc. .(CSCO)
Cisco lists May 13 as the date for fiscal third-quarter results on its investor-relations website. “We have no plans to change our timing,” a Cisco spokesman said.

Coca-Cola Co. .(KO)
(KO)Coca-Cola is projected to report first-quarter results on or about April 28 , according to FactSet, after reporting results on April 23 a year ago
A company spokesperson said there was “no additional information to share at this time.

Dow Inc. .(DOW)
(DOW)Dow said it would report first-quarter results on April 30
“Consistent with our normal quarterly reporting process, our 10-Q is expected to file shortly thereafter,” a spokesperson said. A year ago, the company reported first-quarter results on May 2 , and filed its 10-Q on May 3.

Exxon Mobil Corp. .(XOM)
(XOM)”We’re still planning to issue a press release and hold an earnings call on May 1,” a spokesperson said in an emailed statement
A year ago, the company reported first-quarter results on April 26 and filed its 10-Q on May 2 .

Goldman Sachs Group Inc..(GS)
Goldman is scheduled to report first-quarter results on April 15
A spokesperson said Goldman expects to report earnings “as previously scheduled.” A year ago, the company reported first-quarter results on April 15 , and filed its 10-Q on May 6 .

Home Depot Inc. .(HD)
Home Depot is expected to report fiscal first-quarter results on our about May 19 , according to FactSet
We haven’t announced any changes in timing,” a company spokesperson said. Last year, the company reported first-quarter earnings on May 21 and filed the 10-Q on May 29 .

Intel Corp. .(INTC)
Intel is scheduled to report first-quarter results on April 23
“Our timing has not changed,” a spokesperson said.

J.P. Morgan Chase & Co. .(JPM) (JPM) J.P. Morgan is currently scheduled to report first-quarter results on April 14.
“We’re on track to report as scheduled,” a spokesperson said.

Microsoft Corp. .(MSFT)
Microsoft is projected to report fiscal third-quarter results on April 23 , according to FactSet, after reporting last year’s third-quarter results on April 24 . The company said it didn’t have anything to share about the timing of its coming earnings report.

Travelers Companies Inc. .(TRV)
Travelers said on March 9 that it will review first-quarter results on April 21
“As of right now, we are still on a schedule,” a spokesperson said.

Verizon Communications Inc. .(VZ)
Verizon said earlier in March that it will conduct its first-quarter earnings call April 24.
“We have no plans to change our timing,” said a company spokesperson said in an emailed statement.

Walgreens Boots Alliance Inc. .(WBA)
Walgreens (WBA) said on March 2 that it will report fiscal second-quarter earnings on April 2.
A spokesperson for the company said, “WBA has not changed its earnings date.”

The following companies did not immediately respond to a request for comment:

3M Co. .(MMM)
Apple Inc. .(AAPL).
Boeing Co. .(BA).
International Business Machines Corp..(IBM)
Johnson & Johnson (JNJ).
McDonald’s Corp..(MCD).
Merck & Co. Inc. .(MRK).
Nike Inc. .(NKE).
Pfizer Inc. .(PFE).
Procter & Gamble Co. .(PG).
UnitedHealth Group Inc. .(UNH).
United Technologies Corp. .( UTX ).
Visa Inc. .(V).
Walmart Inc. .(WMT).
Walt Disney Co. .(DIS).

03-31-20 1748ET

 

 

Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence.