Thursday headlines include: Earnings from Tesla, Qualcomm and Whole Foods; Boeing announcing plans for a new single-aisle jet; and General Motors arguing that it shouldn't have to face ignition-switch cases.
Electric car maker Tesla Motors (TSLA) said Wednesday that it earned 2 cents per share on an adjusted basid, which topped estimates for a 1-cent-per-share loss. On a GAAP basis, the company lost 60 cents per share. Revenue in the quarter was $852 million as the company delivered 7,785 Model S sedans in the third quarter. CEO Elon Musk said the company will delay the start of production on its crossover vehicle, the Model X, “to get all the details right.” The company also said it expects to build 35,000 Model S sedans this year, and to deliver 33,000.
Chipmaker Qualcomm (QCOM) said Wednesday that it earned $1.11 per share in its fourth fiscal quarter, or $1.26 billion on an adjusted basis. Revenue was $6.69 billion. Analysts had expected the company to earn $1.31 per share on $7.016 billion in revenue. Looking forward, the company said it expects to earn between $5.05 and $5.35 per share on a non-GAAP basis in fiscal 2015 on revenue of between $26.8 billion and $28.8 billion. Analysts had been expecting $5.58 per share on $28.91 billion in revenue.
Aircraft maker Boeing (BA) is working on a new single-aisle jet that will replace the 737 MAX by 2030, the company's CEO said Wednesday. The new plane will have new engines and a will probably feature a composite structure. Jim McNerney said the new plane will be larger than the 737, but won't be dramatically different from the current plane.
Whole Foods Market
Upscale grocer Whole Foods Market (WFM) said Wednesday that it earned 35 cents per share in its fourth fiscal quarter. Revenue was $3.26 billion. Analysts had expected 32 cents per share on $3.26 billion in revenue. Same-store sales rose 3.1 percent. The grocer said it expects that figure to be in the low to mid single digits during fiscal 2015. The company also raised its dividend to 13 cents per share from 12 cents per share.
Automaker General Motors (GM) said in a Wednesday court filing that it should not have to face lawsuits stemming from safety issues in care produced before its 2009 bankruptcy filing. That line of argument was widely expected, and is the company's opening move in what is likely to be a long battle over injuries and deaths related to faulty ignition switches.