BUSINESS

Hurricane Sandy 2012: Earnings Reports Delayed As Some Companies Prepare For Frankenstorm

10/29/2012 07:36 EDT | Updated 12/29/2012 05:12 EST
NEW YORK, N.Y. - A number of major U.S. companies postponed quarterly earnings reports scheduled for Monday, as Hurricane Sandy barrelled into the East Coast and caused the first unplanned shutdown of financial markets since 2001.

Pfizer Inc., Thomson Reuters Corp. and NRG Energy Inc. are among those holding financial reports until later this week. Pfizer, Avon Products Inc. and Martha Stewart Living Omnimedia Inc., which were due to report Tuesday, will announce results Thursday. Thomson Reuters, also originally scheduled for Tuesday, will report Friday. NRG and McGraw-Hill Cos. will also report on Friday instead of Wednesday.

More companies delaying their announcements:

— Power provider Entergy Corp. will report on Nov. 5 instead of Tuesday.

— Biopharmaceutical Acorda Therapeutics Inc. will report results on Wednesday instead of Tuesday.

— Maintenance products distributor MSC Industrial Direct Co. will report results on Wednesday instead of Tuesday.

— Mortgage insurer Radian Group Inc. will report earnings on Thursday instead of Tuesday.

— Rudolph Technologies Inc., which makes measurement and process control software, will report results on Wednesday instead of Monday.

— Satellite radio provider Sirius XM Radio Inc. will report on Thursday instead of Tuesday.

— Commercial mortgage real estate investment trust Apollo Commercial Real Estate Finance Inc. will report on Thursday instead of Tuesday.

— Office Depot Inc. will report on Nov. 6 instead of Tuesday.

At least 10 other companies also announced that they were postponing earnings announcements.

Some companies, including Burger King Worldwide Inc., Valero Energy Corp. and MasterCard Inc., are reporting as planned. Luggage maker Tumi Holdings Inc. said it will report its third-quarter results on Monday, but cancelled its scheduled conference call because of Sandy.

Flooring and ceiling maker Armstrong World Industries Inc. posted its third-quarter results, but rescheduled its conference call to a later date.

Liberty Mutual Holding Co. cancelled its conference call scheduled for Tuesday and said its financial results will be available on its website as soon as possible.

The New York Stock Exchange, Nasdaq and CME Group in Chicago are closed Monday and it appears increasingly likely they will close Tuesday as well. Trading on the NYSE was last closed on Sept. 11, 2001. The last time it closed for a weather event was in 1985, when Hurricane Gloria hit the East Coast.

If the exchange stays closed Tuesday, it would be the first weather-related consecutive-day closing since 1888, when a blizzard left drifts of snow as high as 40 feet in New York.

Hurricane Sandy strengthened before dawn Monday and stayed on a predicted path toward Washington, Baltimore, Philadelphia and New York — putting it on a collision course with two other weather systems that would create a superstorm with the potential to wreak havoc over an 800-mile area, from the East Coast to the Great Lakes.

Parts of lower Manhattan near the Financial District are under mandatory evacuation orders. By midday Monday water from New York harbour was already coming over barriers at Battery Park, just south of the New York Stock Exchange.

Those conditions are expected to worsen over the next two days as the storm surge intensifies.

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