McDonald’s Smashes Estimates, McMoRan Swings To Loss

0

McDonald’s and Freeport-McMoRan released their latest earnings reports before opening bell this morning. McDonald’s reported earnings of $1.40 per share, compared to the consensus estimate of $1.27 per share and $1.09 per share last year. The fast food chain clocked revenue of $6.62 billion, again coming out ahead of the consensus at $6.41 billion. In last year’s third quarter, the company posted revenue of $6.99 billion.

Freeport-McMoRan posted losses of 15 cents per share on $3.68 billion in revenue, missing the estimates of 8 cents per share in losses and $3.9 billion in revenues.

Q2 Hedge Funds Resource Page Now LIVE!!! Lives, Conferences, Slides And More [UPDATED 7/12]

Q2 Hedge Funds Resource PageSimply click the menu below to perform sorting functions. This page was just created on 7/1/2020 we will be updating it on a very frequent basis over the next three months (usually at LEAST daily), please come back or bookmark the page. As always we REALLY really appreciate legal letters and tips on hedge funds Read More


McDonald’s same store sales surprise

McDonald’s reported a 4% increase in global same store sales, compared to the FactSet estimate of a 1.7% increase. U.S. same store sales increased 0.9%, again beating the consensus estimate of a 0.3% decline. Comparable sales for the company’s International Lead Markets business rose 4.6% with strong performance in Australia, Canada, and the U.K. The High Growth Markets segment saw an 8.9% increase due to strong comparable sales in China and most other markets in the segment.

McDonald’s estimates the negative impact from foreign currency exchange to be about 17 cents per share for the third quarter.

Shares of McDonald’s surged in premarket trading, climbing as much as 6.89% to $109.60 per share.

Freeport McMoRan swings to a loss

Freeport McMoRan’s reported losses were $3.58 per share, compared to last year’s earnings of 53 cents. The mining company sold 1 billion pounds of copper, 294,000 ounces of gold, 23 million pounds of molybdenum, and 13.8 million barrels of oil equivalent. In last year’s third quarter, it moved 1.1 billion pounds of copper, 525,000 ounces of gold, 22 million pounds of molybdenum, and 12.5 million barrels of oil equivalent. For the full year, management expects to sell about 4.1 billion pounds of copper, 1.2 million ounces of gold, 90 million pounds of molybdenum, and 52.7 million barrels of oil equivalent.

Freeport-McMoRan said the average realized price for copper during the third quarter was $2.38, while the price for gold was $1,117 per ounce, and the price per barrel of oil was $55.88.

As of this writing, shares of Freeport-McMoRan were down 0.67% at $11.88 per share.