Weyco Q2 2020 Earnings Report
Key Takeaways
Weyco Group's second quarter results were significantly impacted by the COVID-19 pandemic, with net sales decreasing to $16.7 million compared to $60.5 million in the same quarter of the previous year. The company reported an operating loss of $13.0 million and a net loss of $8.9 million, with a diluted loss per share of $0.91.
Net sales for the second quarter of 2020 were $16.7 million, a decrease from $60.5 million in the second quarter of 2019.
The company experienced operating losses of $13.0 million, compared to operating earnings of $1.9 million in the prior year.
Net loss totaled $8.9 million, a sharp contrast to the $1.5 million net earnings in the second quarter of 2019.
Diluted loss per share was $0.91, compared to diluted earnings per share of $0.15 in the second quarter of 2019.
Weyco
Weyco
Weyco Revenue by Segment
Forward Guidance
Weyco Group is focused on cost management and liquidity during the challenging time. The company is taking measures to right-size its cost structure and believes its strong balance sheet and liquidity will enable it to withstand the economic effects of the current pandemic situation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income