U.S. Movers: Chegg, Coca-Cola, Eli Lilly, McDonald's, NXP Semiconductors,

Scott Peters
30 Apr, 2024
New York City

McDonald's decreased 0.8% to $271.36 after the fast food company reported mixed quarterly results and sales took a hit from the boycott in the Middle East. 

Revenue in the first quarter increased 5% to $6.2 billion from $5.9 billion, net income rose 7% to $1.9 billion from $1.8 billion, and diluted earnings per share advanced to $2.66 from $2.45. 

Global comparable same-store sales slowed sharply in the first quarter to 1.9% from 12.6%, and U.S. sales slowed to 2.5% from 12.6% in the corresponding period a year ago. 

NXP Semiconductors gained 4.2% to $257.50 after the advanced chipmaker reported better-than-expected quarterly results. 

Revenue in the first quarter increased by 0.2% to $3.13 billion, net income increased to $639 million from $615 million, and diluted earnings per share advanced to $2.47 from $2.35 a year ago. 

Coca-Cola decreased 0.1% to $62.0 despite the beverage company reporting better-than-expected quarterly results and raising its annual outlook. 

Consolidated net operating revenue in the first quarter increased 3% to $11.3 billion from $10.98 billion, net income rose 2% to $3.18 billion from $3.11 billion, and diluted earnings per share advanced to 74 cents from 72 cents a year ago. 

Eli Lilly & Co. increased 6.9% to $788.0 after the drugmaker reported better-than-expected quarterly results and raised its full-year outlook. 

Revenue in the first quarter soared 26% to $8.7 billion from $6.9 billion, net income advanced 67% to $2.2 billion from $1.3 billion, and diluted earnings per share rose 58% to $2.58 from $1.62 a year ago. 

Sales growth in the quarter was driven by increases of 16% in volume and 10% due to higher realized prices. 

The volume increase was primarily driven by growth from Mounjaro, Zepbound, Verzenio, and Jardiance, partially offset by declines in Trulicity. 

The company continues to expand manufacturing capacity, with the most significant production increases in 2024 expected in the second half of the year. 

New Products revenue grew by $1.79 billion to $2.39 billion in Q1 2024, led by its blockbuster diabetes drug Mounjaro and weight loss treatment Zepbound.

Chegg declined 15.6% to $6.04 after the company reported weaker-than-expected quarterly results. 

Revenue in the first quarter declined 7% to $174.4 million from $187.6 million, net income swung to a loss of $1.4 million from a profit of $2.2 million, and diluted earnings per share were a loss of 1 cent compared to a profit of 2 cents a year ago.