Cash is king as U.S. quarterly reporting season gains steam

(Reuters) – As the U.S. quarterly earnings season picks up steam this week, investors are getting a glimpse of how companies are weathering the coronavirus outbreak, including the strength of their balance sheets.

With little clarity on when the U.S. economy will reopen, companies of all sizes have been bracing for months of limited revenues. Several corporations have reduced or suspended their dividends, slowed capital spending and cut jobs and wages to save money.

Companies have also raced to raise as much credit as possible and preserve liquidity. Delta Air Lines (DAL.N) said in its report on Wednesday that it had raised $5.4 billion of capital since early March.

The following graphic shows companies reporting in the week of April 20, along with their cash and short-term investments in recent quarters.

Graphic: Who’s got cash? here

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