From Estee Lauder to Apple, Big Companies Say China's Covid Restrictions Are Hitting Business

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Several international corporations warned in the last week the drag from China's Covid controls will hit their entire business.

—"substantially" more than in the last quarter. The other factor is the ongoing chip shortage, management said on an April 28 earnings call.

"We anticipate key external uncertainties in the macro environment, namely COVID-related shutdowns in China, will further tighten supply chains resulting in slower volume growth and sequential margin contraction in the second quarter 2022," Lori Koch, Chief Financial Officer of DuPont, said in a release, noting that"underlying demand continues to remain solid."

The company expects revenue of $3.2 billion to $3.3 billion in the second quarter, slightly below the $3.33 billion forecast by FactSet. Earnings per share of 70 cents to 80 cents in the second quarter is also below FactSet's estimated 84 cents a share.Estee Lauder: Cutting fiscal year outlookcut its full-year outlook due to Covid controls in China and inflation.

The new guidance for the fiscal year, which ends June 30, anticipates revenue growth of between 7% to 9%, well below FactSet expectations for a 14.5% increase. Estee Lauder's forecast of $7.05 to $7.15 earnings per share is also below the $7.57 a share analysts expected.While analysts generally expect second-quarter profit of 29 cents a share,


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