Caterpillar and McDonald’s released their latest earnings reports before opening bell this morning. Caterpillar posted adjusted earnings of 67 cents per share and revenue of $9.46 billion, against the consensus estimates of 68 cents per share and $9.5 billion, respectively. In last year’s first quarter, the equipment manufacturer posted $12.7 billion in revenue.

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McDonald’s posted earnings of $1.23 per share on revenue of $5.9 billion, against the consensus estimates of $1.16 per share in earnings and $5.82 billion in revenue. In last year’s first quarter, the fast food chain posted 84 cents per share in earnings and $5.96 billion in revenue.

Caterpillar down on guidance cuts

Caterpillar’s reported earnings, which exclude restructuring costs, plunged from $2.03 per share a year ago to 46 cents per share this year. The company also cut its workforce down from 129,400 last year at this time to 114,300 at the end of this year’s first quarter. It also slashed $500 million from its period and variable manufacturing costs

“Sales declined across the company with substantial reductions in construction, oil and gas, mining and rail,” CEO Doug Oberhelman said in a statement. “While many of the industries we serve are challenged, we remain focused on what we can control: the quality of our products, our market position, safety in our facilities and continued restructuring and cost reduction.”

Caterpillar management cut their guidance for this year as well. They now expect adjusted earnings of around $3.70 per share, compared to their previous outlook of $4 per share. Their revenue guide moves from a range of $40 billion to $44 billion to between $40 billion and $42 billion.

The equipment manufacturer’s stock fell 2.62% to $76.60 in premarket trades this morning.

McDonald’s rises on revenue beat

McDonald’s said U.S. same store sales climbed 5.4%, which handily beat consensus at 4.4%. Management credited its all-day breakfast and promotions for the strong increase in same store sales. Global comparable sales climbed 6.2% as a result of one extra day in the quarter. International Lead comparable sales rose 5.2% on the back of strong growth in Canada, the U.K. and Australia.

The fast food chain expects to refranchise 4,000 restaurants over the next two years and return $10 billion to shareholders in the last nine months of this year. The company returned $4.5 billion to shareholders during the first quarter.

McDonald’s shares climbed 1.56% to $127.75 per share in premarket trading this morning.