It was an upbeat day on Wall Street despite the dreary New York City weather. A number of large corporations from different industries reported soaring profits in the last quarter of 2022, when many market-watchers predicted that the U.S. economy was hurtling toward a recession.
Here are some of the biggest names to release their earnings:
The Detroit automaker reported a 16 percent year-over-year jump in net income for the fourth quarter fueled by an uptick in factory production that pushed up U.S. sales. The sales raked in an adjusted $2.12 earnings per share, well above FactSet estimates of $1.69. In addition, the company made big investments in electric vehicles, including $650 million into developing a lithium mine in Nevada. GM's stock popped 9 percent after the bell Tuesday morning.
Exxon Mobil brought in $12.75 billion in profits and $55.7 billion in net income, blowing past its previous record of $45.22 billion in 2008. The oil giant benefited from a combination of rising demand and tight supply as world energy markets tried to bounce back from the impact of the war in Ukraine. The price of oil ranged from $70 to $90 a barrel during the quarter. Over the same period, Exxon also completed the expansion of its Beaumont Refinery in Texas.
McDonald's reported that global same-store sales increased 12.6 percent in the last quarter with the help of Adult Happy Meals and limited-time promotions. Retiring the McRib also helped bring in customers looking for one last bite of the popular sandwich. The company pointed out that it increased sales despite raising prices, and that many customers traded down to cheaper items but kept patronizing the business. Earnings also beat Wall Street earnings by a small margin after CEO Chris Kempczinski said he expects inflationary pressures to continue.