GM and McDonald's beat Q3 earnings expectations, Boeing misses on jet delays
Yahoo Finance's Ines Ferre breaks down Q3 earnings reports from General Motors, McDonald's and Boeing.
Video Transcript
- We are seeing shares of General Motors sliding in the session on the back of their quarterly results. The stock now down more than 4%. Let's bring in Ines Ferre for a deeper dive into those numbers, along with a roundup of some other big earnings this morning. Ines.
INES FERRE: And Akiko, it was a beat on the top and the bottom line for GM. In fact, a big beat for that bottom line, with earnings per share coming in at $1.52 versus what the street was expecting, a consensus of $0.97 a share. The company did boost its full-year earnings per share-- for earnings per share, but CEO Mary Barra saying during the earnings call that chip shortages won't get better until the second half of 2022, late 2022. Barra also saying that 20% of GM's production will be making electric vehicles by the year 2025. But that chip shortage outlook may be why you're seeing some pressure on the stock this morning.
We're also watching Boeing on the Dow. That's been down about 1.5%. This is after the company reported an adjusted loss per share wider than what the street had been expecting, $0.60. Also taking a look at revenue, that came in at $15.3 billion. That was up 8% year over year, but still missing what analysts had been expecting. Weighing on results were $183 million in costs from production disruptions of the 787 Dreamliner.
Also taking a look at McDonald's, that stock is popping this morning, in fact seeing the biggest gains since March after its results beat on the top and the bottom line, with adjusted earnings per share coming in at $2.76 on revenue of $6.2 billion. The company raising its sales forecast. Also, international sales bounced back. The big takeaway is that, despite higher prices, people are still ordering. They're absorbing those higher costs. Now, CFO Kevin Ozan said that restaurant margins may moderate because of higher labor costs and commodity costs, but still expecting mid-forties percentage margins overall, Akiko.
