McDonald’s and Lockheed Martin released their latest earnings reports before opening bell this morning. McDonald’s posted earnings of $1.47 per share on $5.7 billion in revenue, compared to Wall Street’s estimates of $1.34 per share and $5.5 billion in revenue. In last year’s first quarter, the fast food chain posted $5.9 billion in sales and $1.25 per share in earnings.
Lockheed Martin reported earnings of $2.61 per share or $763 million on $11.1 billion in revenue, compared to the analyst estimates of 2.79 per share and $11.2 billion in sales. In last year’s first quarter, the defense contractor reported $2.61 per share or $806 million in earnings and $10.4 billion in revenue. Including discontinued operations, last year’s first quarter earnings were $2.91 per share or $898 million.
McDonald’s shares surge
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McDonald’s said U.S. comparable store sales grew 1.7% as all-day breakfast and Big Mac and drink promotions boosted U.S. revenues. Global comparable sales rose 4% on the back of growth in all segments despite there being one extra day in last year’s first quarter due to leap year. Refranchising drove the 4% decline in consolidated revenues.
Comparable sales in the International Lead segment rose 2.8% year over year, riding on continuing momentum in the U.K., and the all-day breakfast promotion in Canada. High Growth comparable sales rose 3.8% with China leading the growth, while comparable sales in the Foundational Markets & Corporate segment grew 10.7% on the back of strength in Japan and other geographic regions.
McDonald’s shares jumped by as much as 2.47% to $137.72 in premarket trades this morning.
Lockheed Martin cuts earnings guidance
Lockheed Martin said Aeronautics sales grew to $4.1 billion, while Missiles and Fire Control sales ticked higher to $1.5 billion. Rotary and Mission Systems sales rose to $3.1 billion, while Space Systems sales increased to $2.36 billion.
For the full year, Lockheed Martin expects revenue to come in between $49.5 billion and $50.7 billion, an increase from the previous guidance range of $49.4 billion to $50.6 billion. However, the company cut its guidance for full-year earnings to a range of $12.15 to $12.45 per share from the range of $12.25 to $12.55 per share previously.
Shares of Lockheed Martin slumped in premarket trades, falling by as much as 2.94% to $268.08.