British oil major BP on Tuesday reported its weakest quarterly earnings in nearly four years, weighed down by a slump in crude prices and lower refining margins.

The energy firm posted underlying replacement cost profit, used as a proxy for net profit, of $2.3 billion for the July-September period. That beat analyst expectations of $2.1 billion, according to an LSEG-compiled consensus.

BP reported net profit of $2.8 billion for the second quarter of the year and $3.3 billion for the third quarter of 2023.

The firm’s third-quarter results were the weakest since the fourth quarter of 2020, when industry profits cratered during the coronavirus pandemic.

“We have made significant progress since we laid out our six priorities earlier this year to make bp simpler, more focused and higher value,” Murray Auchincloss, CEO of BP, said in a statement.

“In oil and gas, we see the potential to grow through the decade with a focus on value over volume. We also have a deep belief in the opportunity afforded by the energy transition – we have established a number of leading positions and will continue high-grading our investments to ensure they compete with the rest of our business.”

Oil prices fell by more than 17% in the third quarter amid concerns about the outlook for global oil demand.

BP maintained its dividend at 8 cents per share after raising it in the second quarter and said it would keep the rate of its share buyback program unchanged at $1.75 billion over the next three months.

The company said it is committed to announcing a further $1.75 billion share buyback in the fourth quarter but warned that, as part of an update to its medium term plans in February next year, it intends “to review elements of our financial guidance, including our expectations for 2025 share buybacks.”

Net debt rose to $24.3 billion in the July-September period, up from $22.6 billion at the end of the second quarter. BP said the increase was primarily driven by lower operating cash flow, higher capital expenditures and lower divestment.

Shares of London-listed BP fell around 1.2% on Tuesday morning. The stock price is down over 14% year-to-date, underperforming its European rivals as investors continue to question the firm’s investment case.

McDonald’s is expected to report its third-quarter earnings before the bell on Tuesday.

Here’s what Wall Street analysts surveyed by LSEG are expecting the company to report:

• Earnings per share: $3.20 expected
• Revenue: $6.82 billion

The earnings report comes a week after the Centers for Disease Control and Prevention issued an advisory notice that warned about a deadly E. coli outbreak linked to McDonald’s Quarter Pounder burgers. After temporarily pulling the menu item from roughly a fifth of its U.S. restaurants, the company said Sunday that the burger will return to affected locations, sans slivered onions.

Health authorities have cleared the chain’s fresh beef patties as the source of the outbreak, and the investigation has zeroed in on the slivered onions that are included in the menu item. As of Friday, 75 health cases have been tied to the outbreak, including one death of an older adult.

McDonald’s sales had been lagging even before the outbreak. For the company’s third quarter, analysts are expecting the company to report same-store sales declines of 0.6%, dragged lower by weak international demand, according to StreetAccount estimates.

As inflation-weary consumers dine out less, McDonald’s has been rolling out value menus and combo meals in some of its biggest markets. In the U.S., where it launched a $5 combo meal in late June, its same-store sales are expected to rise 0.5%.

Shares of McDonald’s have fallen 6% since it was first tied to the E. coli outbreak. So far this year, the stock is roughly flat. McDonald’s has a market cap of about $210 billion.

This story is developing. Please check back for updates.

Shares of Dexcom fell 9% in extended trading on Thursday after the company released third-quarter results that beat analysts’ expectations but showed a decline in U.S. revenue year over year.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 45 cents adjusted vs. 43 cents expected
• Revenue: $994 million vs. $990 million expected

The company’s revenue increased 2% to $994.2 million from $975 million a year earlier. Dexcom’s U.S. revenue declined 2% from $713.6 million the prior year. The company reported net income of $134.6 million, or 34 cents per share, up from $120.7 million, or 29 cents per share, in the same period last year.

Dexcom offers a suite of tools such as continuous glucose monitors, or CGMs, for patients who have been diagnosed with diabetes. In August, it launched its first over-the-counter product called Stelo, which is intended for adults who do not take insulin.

The company maintained its full fiscal-year guidance and expects revenue of $4 billion to $4.05 billion. Last quarter, Dexcom lowered its guidance from the $4.20 billion to $4.35 billion it forecast in the first quarter.

This lowered guidance and a revenue miss caused Dexcom shares to tumble more than 40% following the release of its second-quarter results in July. The company’s CEO Kevin Sayer attributed the challenges to a restructuring of the company’s sales team, fewer new customers than expected and lower revenue per user.

Sayer said in a call with investors Thursday that these problems improved during the third quarter.

The company also announced Teri Lawver, Dexcom’s chief commercial officer, will retire at the end of the year. Lawver will stay on as an advisor through early next year, and Sayer will lead the commercial organization as Dexcom searches for a replacement.

Danaher shares declined Tuesday despite the life sciences company returning its key bioprocessing business to growth in the third quarter.

DETROIT — General Motors is set to report its third-quarter earnings before the bell Tuesday.

Here is what Wall Street is expecting, according to average estimates compiled by LSEG:

• Earnings per share: $2.43 adjusted
• Revenue: $44.59 billion

Those results would mark a 1% uptick in revenue compared with a year earlier and a 6.6% increase in adjusted earnings per share.

GM’s 2023 third quarter included $44.13 billion in revenue, net income attributable to stockholders of $3.06 billion, or $2.20 per share, and adjusted earnings before interest and taxes of $3.56 billion, or $2.28 per share.

The quarterly report comes just two weeks after a GM investor day in which the company indicated its earnings strength is expected to continue into next year.

Topics of interest for investors that were not addressed earlier this month include GM’s funding plans for its embattled Cruise autonomous vehicle unit, China restructuring and any updates regarding its near-term electric vehicle sales and plans.

This is developing news. Please check back for additional updates.

Longtime CVS Health executive David Joyner has replaced Karen Lynch as CEO, as the company struggles to drive higher profits and stock performance, CVS announced Friday.

The move, effective Thursday, the day before the announcement, comes as CVS shares have fallen nearly 20% this year. Shares plunged about 11% in premarket trading Friday.

CVS has faced challenges as higher medical costs weigh on its insurance unit, Aetna, and consumer spending drops at its retail pharmacies. In August, the company slashed its full-year profit guidance and said it would cut $2 billion in costs over the next several years.

In its release Friday, CVS also said it expects adjusted earnings of between $1.05 and $1.10 per share in its third quarter. It anticipates higher medical costs than previously expected, with a so-called medical benefit ratio of 95.2% in the quarter.

“In light of continued elevated medical cost pressures in the Health Care Benefits segment, investors should no longer rely on the Company’s previous guidance provided on its second quarter 2024 earnings call on August 7, 2024,” CVS said in the release.

The company is set to report third-quarter earnings on Nov. 6.

Last month, major CVS shareholder Glenview Capital began a significant push for changes at the company, CNBC previously reported.

CNBC reported last month that CVS’ board had engaged strategic advisors to weigh its options, including the potential of a breakup of its insurance and retail businesses.

Joyner most recently oversaw the company’s pharmacy services business as president of CVS Caremark, a similar position to the one Lynch held before she assumed the top job in February 2021. He began his career at Aetna in pharmacy benefit services and previously held the role of executive vice president of sales and marketing at CVS Health.

“We believe David and his deep understanding of our integrated business can help us more directly address the challenges our industry faces, more rapidly advance the operational improvements our company requires, and fully realize the value we can uniquely create,” Chairman Roger Farah said in a statement.

Lynch also stepped down from the company’s board of directors this week, the company said Friday. Joyner will take a seat on the board, and Farah will assume the role of executive chairman.

This is breaking news. Please refresh for updates.

Shares of Taiwan Semiconductor Manufacturing Company, the world’s largest producer of advanced chips, serving clients such as Apple and Nvidia, jumped more than 10% on Thursday morning after the company reported a 54% hike in net profit in the third quarter. The company expects annual revenue growth in the last three months of the year, as global chipmakers continue to benefit from demand boosted by AI applications.

Shares of chip companies rose on the results. Nvidia stock was up about 3%, Micron rose about 4% and AMD was up about 2% Thursday morning.

The company’s net income was 325.3 billion Taiwanese dollars ($10.1 billion) over the July-September quarter, surpassing an LSEG estimate of $300.2 billion Taiwanese dollars cited by Reuters.

Net revenue came in at $23.5 billion in the third quarter, up 36% year-on-year, with TSMC’s gross margin rising to 57.8% over July-September, compared with 54.3% in the same period of last year.

“Based on the current business outlook, we expect for our fourth-quarter revenue to be between $26.1 billion and $26.9 billion, which represents a 13% sequential increase or a 35% year-over-year increase at the midpoint,” TSMC Chief Financial Officer Wendell Huang said during an earnings call following the results release, according to a call transcript produced by FactSet.

In the third quarter, “our business was supported by strong smartphone and AI-related demand for our industry leading 3nm and 5nm technologies,” TSMC said in a statement, referencing its semiconductor nodes.

In the Thursday earnings call, TSMC Chairman and CEO C.C. Wei stressed that AI demand is “real” and that the company has experienced the “deepest and widest growth of anyone in this industry,” as a result.

“We have talked to our customers all the time, including our hyperscaler customers who are building their own chips. And almost every AI innovator is working with TSMC,” he said.

The company’s Taipei-listed shares have soared nearly 80% year-to-date, outpacing the 28.57% gains of the broader market over the same period.

TSMC now anticipates its capital expenditure for this year will pick up to slightly higher than $30 billion, it said during its earnings call. The firm’s capex costs edged higher to $6.4 billion in the third quarter, versus $6.36 billion across the three preceding months.

The Taiwanese chipmaker, whose advanced chips are vital to a swathe of products ranging from smartphones to AI applications, has been increasing its manufacturing presence worldwide, carrying out a vast overseas investment of $65 billion for three chip plants in Arizona to meet U.S. demand, as well as opening its first factory in Japan earlier this year.

TSMC’s earnings beat comes the same week as Netherlands-based ASML, which supplies machines to the Taiwanese company, issued a lower-than-expected forecast of net sales, sending shares tumbling.

Some market participants have questioned the long-term resilience of the AI boom and the return on increasing investments in the technology sector — while Young Liu, CEO and chairman of key Apple supplier Foxconn, told CNBC last week that the AI frenzy “still has some time to go,” as advanced language models evolve with each new iteration.

Correction: This article has been updated to accurately reflect that TSMC’s third-quarter net income hit 325.3 billion Taiwanese dollars.

United Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast strong results for the last three months of the year.

United expects to earn an adjusted $2.50 to $3.00 a share in the fourth quarter, compared to $2.00 a share a year earlier and the $2.68 analysts polled by LSEG estimated.

Here is what United reported for the third quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:

• Earnings per share: $3.33 adjusted vs. $3.17 expected
• Revenue: $14.84 billion vs. $14.78 billion expected

The share buyback would be United’s first since before the Covid-19 pandemic. U.S. airlines received more than $50 billion in government aid during the pandemic travel slump that prohibited share repurchases and dividends, though airlines were still fighting for financial stability.

Southwest Airlines announced a $2.5 billion share repurchase program last month.

“Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program,” United CEO Scott Kirby said in a note to staff on Tuesday. “Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program.”

For the third quarter, United posted revenue of $14.84 billion, up 2.5% from a year earlier and above analysts’ estimates. It reported net income of $965 million, down 15% from a year ago.

United said domestic unit revenue was positive in August and September compared to last year as airlines trimmed a glut of flights that were pushing down fares. United expanded capacity by 4.1% in the third quarter. The carrier said corporate revenue rose 13% in the quarter; premium revenue, including business class tickets, rose 5%; and sales from its no-frills basic economy tickets were up 20%.

The airline last week unveiled a far-flung expansion for next year that included new flights to Mongolia, Senegal, Spain and Greenland in a chase for international travel demand.

Adjusting for one-time items, United reported earnings per share of $3.33, topping Wall Street forecasts and United’s estimate in July of $2.75 to $3.25 a share.

Airline executives will hold a call with analysts at 10:30 a.m. ET on Wednesday and will likely face questions about demand for the end of the year and into 2025, as well as production problems at Boeing, where most factories have been idled during a more than monthlong machinist strike.

Walgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street’s expectations, as the company slashes costs in an attempt to steer itself out of a rough spot.

The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The company said those closures will be “immediately accretive” to its adjusted earnings and free cash flow.

Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable. 

Those closures will give Walgreens a “healthier store base” and “will enable us to respond to shifts in consumer behavior and buying preferences,” the company’s CEO Tim Wentworth said during an earnings call on Tuesday. He added that Walgreens aims to employ the majority of the workforce affected by the closures, though it is unclear how many employees stand to lose their jobs.

The company’s shares closed more than 15% higher on Tuesday.

The results cap a rocky fiscal 2024 for Walgreens, which is grappling with pharmacy reimbursement pressure, softer consumer spending and challenges related to its push into primary care, among other issues. The company on Tuesday said it surpassed its target of cutting $1 billion in costs during fiscal 2024, which included shuttering underperforming stores, laying off employees and using artificial intelligence to make its supply chain more efficient, among other efforts. 

Most of the benefits of the cost cuts came in the company’s U.S. retail pharmacy segment, Walgreens CFO Manmohan Mahajan said during the call.

In June, Walgreens said it intends to close a “significant” number of its underperforming stores by 2027. Tuesday’s announcement appears to be the company’s first exact estimate of how many locations it will shutter.

Here’s what Walgreens reported for the three-month period ended Aug. 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 39 cents adjusted vs. 36 cents expected
• Revenue: $37.55 billion vs. $35.76 billion expected

Walgreens booked sales of $37.55 billion for the quarter, up 6% from the same period a year ago. 

The company reported a net loss of $3 billion, or $3.48 per share, for the fiscal fourth quarter. That reflects a so-called valuation allowance meant to reduce the company’s deferred tax assets mainly related to opioid settlements. 

It compares with a net loss of $180 million, or 21 cents per share, for the year-earlier period.

Excluding certain items, adjusted earnings were 39 cents per share for the quarter. 

The fourth-quarter and full fiscal-year results “reflected our disciplined execution on cost management, working capital initiatives and capex reduction,” Wentworth, who stepped into the role nearly a year ago, said in a release.

The company’s guidance for fiscal 2025 was in line with analysts’ expectations. Walgreens expects growth in its U.S. health-care and international segments, which will be offset by a decline in its retail pharmacy segment. 

The company is engaged in a “multi-year process of reframing our relationship” with pharmacy benefit managers, which negotiate drug rebates on behalf of health plans and reimburse pharmacies for prescription drugs, Wentworth said during the call. Walgreens hopes that will help improve margins in its pharmacy business. 

Walgreens anticipates adjusted earnings per share of $1.40 to $1.80 in the coming fiscal year. Analysts project an adjusted profit of $1.75 per share, according to LSEG. 

The company also sees revenue for the year at $147 billion to $151 billion. Wall Street analysts estimate sales of $147.3 billion.