August 10, 2010 in Business

Earnings roundup

Wire reports
 

• McDonald’s rode the launch of its new fruit smoothies and strong sales of its coffee drinks to its best monthly U.S. sales performance in more than a year in July. Around the world, sales at restaurants open at least 13 months rose 7 percent.

• Meat producer Tyson Foods Inc. posted an 89 percent jump in third-quarter net income, helped by higher beef and pork prices and a chicken business that’s recovering. The company reported net income of $248 million, or 65 cents per share, in the quarter ending July 3, up from $131 million, or 35 cents per share, last year. Revenue rose 11.6 percent to $7.44 billion.

• Mortgage backer Freddie Mac said it lost $6 billion, or $1.85 per share, in the April-to-June period. The company lost $840 million, or 26 cents a share, in the same quarter last year. Freddie Mac asked for an additional $1.8 billion from the government after posting a second-quarter loss of $6 billion. That brings the cost of keeping Freddie and Fannie Mae in business up to more than $148 billion.

• Chrysler Group LLC narrowed its loss to $172 million in the second quarter, a $25 million improvement from the first quarter. Revenue rose 22 percent from the first quarter and 8 percent year-over-year to $10.5 billion.


Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email