GM, CVS top estimates, Beyond Meat withdraws 2020 forecast

Yahoo Finance’s Adam Shapiro and Julie Hyman recap that latest earnings from General Motors, CVS and Beyond Meat.

Video Transcript

ADAM SHAPIRO: Let's turn our attentions to earnings, because we are in earnings season. And we got some news from General Motors. Take this with a grain of salt. Some of it's good, some of it not so good. They turned a small profit, roughly $300 million in the first quarter. On revenue of $32.7 billion, it had fallen 6% year-over-year. That's obvious after coronavirus crisis hit car sales.

But GM now is targeting to restart the majority of its manufacturing operations. May 18-- that's in the United States and Canada-- they, of course, are going to implement some of the safety measures-- masks and social distancing-- that they're already practicing at factories in China as well as South Korea. Now, in the United States car sales fell 7%, but pickup truck sales rose 27%.

And one last thing from GM. This might be a bit of a silver lining. February was terrible for sales in China, as they shut down. But they say the industry is starting to pick up, at least in March, in China. Julie?

JULIE HYMAN: Well, I'm watching CVS. Their shares, by the way, are up about 3% today. The pharmacy chain-- and remember, they own the health insurer Aetna also-- coming out with some pretty incredible numbers. Same-store sales up 9%, although the company is starting to see a decline in foot traffic, as you might expect.

But listen to this. It has something called the Minute Clinic, which is its urgent care services site. Virtual visits to that up 600%, home delivery of prescriptions up 1000%. And the company said a lot of people were refilling prescriptions virtually, but also refilling them for longer, so getting a 90-day supply, for example. Also, the company didn't withdraw its guidance for cash flow or for earnings, unlike a lot of other companies we've heard from Adam. This, by the way, after its earnings-per-share and revenue numbers did beat analyst estimates.

ADAM SHAPIRO: And Julie, we're also watching Beyond Meat. The company reported net income of $1.8 million. That was compared to a net loss of $6.6 million-- $0.95 per share-- roughly a year ago. They warned about a drop in sales toward the end of March, because restaurants are closed.

And just to give you a sense of the picture here, revenue from restaurants was roughly 42% of their revenue. But in the previous quarter, it had actually been 59%. Revenue overall was up 141% year-over-year, $97.1 million. Adjusted EBITDA was $12.7 million last year. That was a loss of $2.1 million.

They have $264 million dollars in cash. And they've announced that they're going to send these value packs to some of their distributors to make up for the loss in revenue from restaurants, and also to grab market share as the meat supply dwindles in the United States because of the COVID-19 meat processing plant shutdowns. Julie?

JULIE HYMAN: Finally want to get to Disney. Those share are up about 2.4%. Important to note, the quarter it was reporting, its fiscal second quarter, is February, March, April. So it does include April there. The company said it lost $1.4 billion in revenue related to coronavirus.

A billion dollars, that was just from the parks which, of course, remain closed. At Shanghai, Disneyland Park is scheduled to reopen on May 11, although it will be a dramatically reduced capacity. Overall, revenue of about $18 billion. That was ahead of what analysts had been anticipating, Earnings-per-share missing estimates. It came in at $0.60.

One other interesting note, Adam-- ESPN viewership was actually up 11% in April. That was because of the NFL draft, and also because of that last dance-- "The Last Dance," a documentary, of course, which is about Michael Jordan. So a lot of people desperate for any kind of sports content they can get right now.