Raphael Stevens

Boeing’s Air Force One program is more than $2 billion over budget and the aircraft have been delayed.
President Donald Trump struck a deal for the replacement aircraft during his first term.

First Lady Melania Trump laughs as she watches US President Donald Trump cut with a saber into a cake representation of the new Air Force One design during the Commander-In-Chief inaugural ball at the Walter E. Washington Convention Center in Washington, DC, on Jan. 20, 2025.
Patrick T. Fallon | AFP | Getty Images

Boeing is working with Trump advisor Elon Musk on ways to deliver delayed, overbudget Air Force One replacements sooner, CEO Kelly Ortberg said Tuesday.
The pair of Boeing 747s that will serve as the next Air Force One aircraft are more than $2 billion over budget and years late, which the company has attributed to design changes, labor constraints and supply chain problems. President Donald Trump struck a deal for the aircraft during his first term, after threatening to “cancel order!” before he took office in 2017, complaining about high costs.

“We’ve been engaged with Elon” on the Air Force One program to eliminate costs and deliver the aircraft earlier, Ortberg said in an interview with CNBC’s Phil Lebeau on “Squawk on the Street” on Tuesday, after Boeing released full-year results and its 2025 outlook.
It is not clear whether the aircraft will be delivered before Trump’s current term is up. An Air Force spokesperson told CNBC that an updated delivery schedule from Boeing is expected in the spring.
Trump cut a cake adorned with a model of Air Force One — in a new paint scheme — with a sword at his Jan. 20 inaugural ball.

Read more CNBC airline news

Musk, whose company SpaceX competes with Boeing’s space unit, has worked closely with Trump in recent months. The billionaire is also heading Trump’s commission that he tasked with reducing government spending.
Musk and the White House didn’t immediately comment.

“The president wants those planes sooner so we’re working with Elon to see what can we do to pull up the schedule of those programs,” Ortberg said.
Boeing in the last quarter took $1.7 billion in pretax charges in its defense and space unit, including for the Air Force One program. Ortberg, who became CEO in August, replaced the head of that business in September with an internal, interim leader. More

Startups focused on food as medicine see Robert F. Kennedy Jr., a skeptic of vaccines and pharmaceuticals who if confirmed by the Senate would lead Health and Human Services, as a potential ally.
Kennedy has said he would make nutritious food, rather than drugs, central to combating chronic disease, and the companies hope he would expand Medicaid coverage for their nutrition-based services.
Food-as-medicine companies have attracted over $2 billion in funding from venture capital and enterprise investors over the last four years, according to Rock Health Advisory.

Robert Kennedy Jr., U.S. President-elect Donald Trump’s nominee to run the Department of Health and Human Services, arrives at the Hart Senate Office Building on Capitol Hill in Washington, U.S., December 16, 2024. 
Benoit Tessier | Reuters

As Robert F. Kennedy Jr. faces two days of Senate confirmation hearings this week in his quest to become secretary of Health and Human Services, a niche group of startups will be watching closely.
Kennedy, a divisive pick to join President Donald Trump’s Cabinet, will first go before the Senate Finance Committee on Wednesday. As HHS secretary, he would oversee a budget of more than $2 trillion, covering everything from drug research and approvals to the Medicare and Medicaid health programs.

Kennedy’s skepticism of vaccines, and filings that show he benefited from anti-vaccine lawsuits, will likely be a central area of questioning; both sides of the political aisle have criticized the nominee for his stance.
Kennedy has pledged to make nutritious food, rather than drugs, central to combating chronic disease in the U.S. As Republicans target the federal-state Medicaid program for funding cuts, some investors and startups in nutrition-based services covered by Medicaid are hoping Kennedy’s vow to “Make America Healthy Again” will boost the food-as-medicine sector and keep the growing programs off the Trump administration’s chopping block.
“I actually think all signs are pointing to — with this administration — we are going to take a look finally at the reasons … why individuals are as sick as they are,” said Ashley Tyrner-Dolce, CEO of FarmBoxRx, a start-up that works with Medicaid and Medicare Advantage plans to provide nutritious food shipments to engage patients to improve their health conditions.
As obesity and Type 2 diabetes rates climb in the U.S., state Medicaid programs have looked to provide active nutritional counseling to help members combat chronic conditions, much as large employers and commercial insurance plans have been doing for the last decade.
During the first Trump administration, the Department of Health and Human Services spurred states to address social needs such as food insecurity and health disparities. A handful of states received what’s known as an 1115 Medicaid demonstration waiver to provide nutritional programs as a form of preventive care — sparking major investment in the space along the way.

Over the last four years, more than four dozen food-as-medicine companies have raised over $2 billion from venture capital firms, including Khosla Ventures and Andreessen Horowitz, along with health-care players such as CVS Health, according to data tracking by Rock Health Advisory.
Funding for food-as-medicine deals topped $483 million in 2024, a 175% increase from the prior year, according to Rock Health Advisory data. In one of the biggest deals of the year, telenutrition startup FoodSmart secured $200 million in venture funding led by TPG’s Rise Fund.
Food-as-medicine companies now see Kennedy as a potential ally.
In an interview with NPR, Kennedy said Trump has given him “three instructions” on his role as HHS secretary: end corruption and conflicts in regulatory agencies, return health agencies to the “gold standard” of evidence-based science, and tackle chronic conditions.”He wants to end the chronic disease epidemic with measurable impacts on a diminishment of chronic disease within two years,” Kennedy said.

Robert Kennedy Jr., U.S. President-elect Donald Trump’s nominee to run the Department of Health and Human Services, walks through the Dirksen Senate Office Building between meetings with senators on Capitol Hill in Washington, U.S., December 17, 2024. 
Benoit Tessier | Reuters

Growth of food programs in Medicaid

Demand for food and nutrition programs grew substantially over the last five years, with 20 states and Washington, D.C., approved for waivers by the end of the Biden administration, according to the Centers for Medicare and Medicaid Services. That has helped drive the growth of startups focused on serving government health plans.
“There’s significantly more interest by payers, in terms of how they can use food interventions to both improve patient lives and then reduce cost,” than there was a decade ago, said Sanjeev Krishnan, managing partner at S2G Ventures, a venture capital fund founded by Walmart heir Lukas Walton.
S2G has funded five food-as-medicine startups, including NourishedRx, a five-year-old digital nutrition company which combines food deliveries with health coaching for patients in Medicaid and Medicare plans.
“To really be able to help the people who need it the most, those who are socially vulnerable, nutrition insecure, who also have diet-related disease, we had to work through the [government] payers,” said NourishedRx founder and CEO Lauren Driscoll, adding that it has taken time to build momentum.
“We had to do pilots and drive proof points, and now we are entering into recurring revenue, renewable and expanding contracts,” she said.

Reaching an inflection point

Kennedy’s support for focusing on diet, rather than medicine, to treat chronic conditions may only fuel more investor enthusiasm about the growing space.
“Proposals from the incoming HHS administration to expand coverage of healthy foods and nutrition services as medical benefits and increase research funding for medical nutrition are likely to continue propelling investor enthusiasm in the space,” said Chris Lew, a principal with Rock Health’s consulting team.
FoodSmart CEO Dr. Jason Langheier said the high cost of diabetes and weight loss drugs is helping fuel interest in food programs, as much as Medicaid waivers and policy initiatives that have increased coverage of nutrition aid.
“Food care providers will now have … an opportunity to work with the state, to create a program that’s driven off a return on investment for the state and the health plans, to actually help people at scale — especially because of the pressure being put on them for their spending on GLP-1s, which has grown to astronomical levels,” said Langheier.

Boxes of Wegovy made by Novo Nordisk are seen at a pharmacy in London, Britain March 8, 2024. 
Hollie Adams | Reuters

In late November, the Biden administration proposed extending coverage of breakthrough anti-obesity drugs such as Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound to Medicaid and Medicare patients.
If confirmed, Kennedy will likely oppose GLP-1 coverage expansion, given his vocal criticism of the pricey weight loss drugs. The proposal will also likely be a nonstarter for the Trump administration because of its cost, which the Congressional Budget Office estimates would be $35 billion from 2026 to 2034.
Whether or not Kennedy is confirmed, S2G’s Krishnan said the U.S. is heading toward a fiscal reckoning on health-care spending, and food programs can play a pivotal role by reducing preventable disease.
“We’re going to have a real sort of conversation on health care, and how do we get ideal outcomes for patients, but also not have the entire budget or significant portion of the U.S. budget focused on health care,” he said. More

Boeing posted a nearly $4 billion loss for the fourth quarter.
The company has taken charges that span its defense and commercial airplane units.
CEO Kelly Ortberg said the company is making progress on stabilizing the manufacturer.

Kelly Ortberg speaks at the 14th annual U.S. Chamber Of Commerce Foundation Aviation Summit in downtown Washington, D.C.
Kris Tripplaar | SIPPL Sipa USA | AP

Boeing CEO Kelly Ortberg on Tuesday laid out a recovery plan for the company that includes focusing on core businesses as he faces investors antsy for answers after the plane maker posted its sixth consecutive annual loss.
Boeing lost $3.86 billion in the last three months of 2024, taking about $3 billion in charges in its commercial aircraft unit and its defense and space business spanning aircraft from the Boeing 767 to the KC-46 tanker to the long-delayed pair of 747s that are set to serve as new Air Force One planes.

Boeing’s results were impacted, as expected, by a nearly two-month machinist strike that idled work on most of its aircraft and lengthened delivery delays to customers, which pay for the bulk of their planes when they’re received. Boeing said it burned through $3.5 billion in the fourth quarter, a difficult end to what was supposed to be a turnaround year. The company burned through $14.31 billion in 2024.
Boeing’s shares were little changed on Tuesday. The company released preliminary results last week showing a bigger loss and lower revenue than analysts expected.
The company’s annual loss totaled $11.83 billion, its largest since 2020, when it was grappling with a grounding of its best-selling plane, the 737 Max, after two fatal crashes and the Covid-19 pandemic.
“While it was a challenging year, we are seeing encouraging signs of progress as we work together to turn around our company,” Ortberg said in a staff memo.
Ortberg, a longtime aerospace executive whom Boeing hired out of retirement over the summer, said the company is focused on stabilizing output, fixing the company’s culture and refocusing on its main businesses.

“We are also preparing for the path ahead by continuing to make investments in our core businesses while streamlining our portfolio in areas that are not core to our future,” Ortberg said.
He is likely going to face questions during the company’s earnings call later Tuesday on Boeing’s progress with potentially spinning off units like its Jeppesen navigation unit.

Read more CNBC airline news

Boeing didn’t provide financial targets for 2025 on Tuesday, but executives will face questions about their production rate expectations.
Its defense unit’s revenue fell 20% to $5.4 billion for the quarter, and it took $1.7 billion in pretax charges.
“While charges for the quarter in BDS are disappointing, we have completed deep dives on all of our challenging fixed-price development programs,” Ortberg said. “We are now more proactive and clear-eyed on the risks.”
The commercial aircraft unit revenue fell 55% to $4.76 billion.
Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:

Loss per share: $5.90 adjusted vs. $3.00 expected
Revenue: $15.24 billion vs. expected $16.21 billion

The company last posted a profit in 2018. In addition to the crashes and Covid, it has faced a host of manufacturing defects and cost overruns, and early last year, a near-catastrophic midair blowout of a door panel on a nearly new Max 9 jetliner as it climbed out of Portland, Oregon.
After the strike ended in November, Boeing resumed production of its 737 Max aircraft in December, and earlier this month, it restarted test flights of its 777X aircraft, which haven’t yet been certified by the FAA. Boeing is also working to certify the Max 7 and Max 10 aircraft, the smallest and largest models in the single-aisle Max family.

A Boeing banner and an F-15EX jet fighter during the Farnborough International Airshow, on 22nd July 2024, at Farnborough, England. 
Richard Baker | In Pictures | Getty Images

While airline CEOs have largely supported Ortberg, key Boeing customers are still logging the effects of the delivery delays.
American Airlines said over the weekend it made further cuts to its schedule because of late deliveries of new Boeing 787 Dreamliners, which it also planned to use to launch a premium-seat-heavy configuration to capitalize on a consumer shift toward pricier, roomier seats.
It plans to suspend service between Miami and Paris in June and July, and cut down on frequencies between Dallas Fort Worth International Airport and New York’s John F. Kennedy International to London in May, as well as from Dallas to Honolulu in June.
“We’ll be proactively reaching out to our impacted customers to offer alternate travel arrangements and remain committed to mitigating the impact of these Boeing delays while continuing to offer a comprehensive global network,” American said in a statement.
Meanwhile, the CEO of European budget airline Ryanair, Michael O’Leary, said Monday that the company had to cut its passenger traffic goal for the year because of “frustrating” Boeing delivery delays.
Ortberg and other Boeing leaders are likely to face questions during the 10 a.m. ET analyst call about cost overruns and delays in the company’s defense division, including for the Air Force One aircraft, as well as potential tariffs and other policies of the new Trump administration. More

General Motors beat Wall Street’s top- and bottom-line expectations for the fourth quarter.
The automaker also projected 2025 financial guidance that met or exceeded many forecasts from Wall Street analysts.
GM executives will host an earnings conference call at 8:30 a.m. ET.

The GM logo is seen on the facade of the General Motors headquarters in Detroit on March 16, 2021.
Rebecca Cook | Reuters

DETROIT — General Motors beat Wall Street’s top- and bottom-line expectations for the fourth quarter, while forecasting continued strong results for 2025.
The Detroit automaker believes it can have another solid year despite industry sales slowing, a restructuring of its operations in China, and increased geopolitical and regulatory uncertainty in the U.S. as President Donald Trump begins his second term. 

GM’s 2025 guidance includes net income attributable to stockholders of $11.2 billion to $12.5 billion, or $11 to $12 in earnings per share; adjusted earnings before interest and taxes (EBIT) of $13.7 billion to $15.7 billion, or $11 to $12 adjusted EPS; and adjusted automotive free cash flow between $11 billion and $13 billion.
GM’s 2025 financial guidance met or exceeded many forecasts from Wall Street analysts. Most notably, analysts were expecting adjusted earnings of around $14 billion.
That compares with the automaker’s 2024 results of adjusted EBIT of $14.9 billion, or $10.60 adjusted EPS, and net income attributable to stockholders of $6 billion, or $6.37 EPS. The adjusted figures and the $14 billion in adjusted auto free cash flow were records for the automaker, GM said. 
GM CFO Paul Jacobson said the company’s 2025 guidance does not take into account any potential regulatory changes such as tariffs on vehicle imports or tax reform.
Here’s how the company performed in the fourth quarter, compared with average estimates compiled by LSEG:

Earnings per share: $1.92 adjusted vs. $1.89 estimated
Revenue: $47.7 billion vs. $43.93 billion estimated

Jacobson said the company’s 2024 performance was “outstanding,” citing growth in its EV and traditional internal combustion engine businesses. 
GM’s 2024 net income was hampered by a roughly $3 billion loss during the fourth quarter. Net income during the last three months of the year included $5 billion in special charges such as $4 billion in noncash restructuring charges related to its operations in China and $500 million in charges related to the decision to stop funding its Cruise robotaxi business.
GM’s $6 billion in net income attributable to stockholders last year was down 40.7% from 2023.
GM last month said it expected a restructuring of its joint venture operations with SAIC Motor Corp. in China to cost more than $5 billion in noncash charges and write-downs, most of which occurred during the fourth quarter.
GM’s revenue last year increased to $187.44 billion, up 9.1% from 2023.

Regions

GM’s North American operations continued their yearslong trend of carrying the automaker’s earnings. Its North American adjusted earnings increased 18.1% compared with 2023 to $14.53 billion, which equates to a 9.2% adjusted profit margin.
The Detroit automaker’s international operations — such as South Korea, Brazil and the Middle East — reported adjusted earnings of $303 million last year, down by 75% compared with 2023. Its equity income from China was a loss of $4.41 billion, largely due to the restructuring actions.
“In China, we reported positive equity income for the fourth quarter before restructuring costs, and we’re taking steps with our partner to improve from there,” GM CEO Mary Barra said in a letter to shareholders.
Jacobson reiterated that the company expects to restructure the operations without injecting more capital from the U.S. into China.

EVs

Aside from its financial results, GM said it expects to continue rolling out new products to assist its sales and earnings. That includes electric vehicles, which the company said reached a targeted profitability on a production basis during the fourth quarter.
GM expects a $2 billion to $4 billion improvement this year compared with 2024, based on wholesale volumes of about 300,000 EVs. That would be a roughly 59% increase from the 189,000 units in 2024 — slightly below a previously announced target of 200,000 EVs, as the automaker attempted to lower its days’ supply toward the end of the year.

GM President Mark Reuss during the reveal of the all-electric 2025 Cadillac Escalade IQ on Aug. 9, 2023 in New York City.
Michael Wayland / CNBC

“We do think that we can grow our EV demand,” Jacobson said. “We’re going to continue to see how EV adoption progresses in 2025, but the 300,000 is the assumption that we base on being at the low end of the $2 billion to $4 billion of profit improvement.”
GM said it’s expecting improvements on scale, fixed cost absorption, and a continued focus on cell and vehicle cost reductions to drive improved earnings for EVs next year.
Additionally in 2025, Jacobson said GM will continue to look for opportunities to return value to shareholders as well as pay down the company’s automotive debt, including $1.75 billion that matures this year. He said the company early retired $750 million in debt in December in addition to completing stock repurchases to lower its outstanding share count to below 1 billion to end the year.
For the entire U.S. industry, Jacobson said GM expects new vehicle sales to be relatively level this year compared with last at more than 16 million vehicles. The Detroit automaker expects vehicle pricing, which has come down from record highs of recent years, to decline between 1% and 1.5%.

Regulatory uncertainty

Barra, in her shareholder letter, noted the current “uncertainty over trade, tax, and environmental regulations” could impact the automaker’s business.
She said the company has been “proactive with Congress and the administration” about the importance of U.S. manufacturing and “American leadership in advanced technologies.”
“It’s clear that we share a lot of common ground, and we appreciate the dialogue,” said Barra, who spoke with Trump before his inauguration. “Whatever happens on these fronts, we have a broad and deep portfolio of [internal combustion engine] vehicles and EVs that are both growing market share, and we’ll be agile and execute as efficiently as possible.”
GM previously told CNBC that Barra’s conversation with Trump was “friendly and productive.”
Trump has discussed implementing a 25% tariff on goods from Canada and Mexico, which could affect vehicles that are imported to the U.S.
Most major automakers have factories in the U.S. However, they still heavily rely on imports from other countries, including Mexico, to meet American consumer demand.
This is developing news. Please check back for updates.

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Starbucks is expected to report its quarterly earnings, kicking off several weeks of reports from publicly traded restaurant companies.
Investors are anticipating improving demand for restaurants as industry data and several preliminary reports suggest that the year ended on a high note.
Casual-dining chains are in comeback mode, but some of the biggest restaurant chains, like Starbucks and McDonald’s, could disappoint investors.

People pass by a Starbucks coffee shop in Manhattan, New York, United States on January 15, 2025. 
Mostafa Bassim | Anadolu | Getty Images

Starbucks is expected to report its quarterly earnings on Tuesday, kicking off several weeks of reports from restaurant companies as investors anticipate improving demand for dining out.
A handful of restaurants released preliminary results earlier in January ahead of presentations at the annual ICR Conference in Orlando. For many, like Red Robin and Noodles & Company, their early report showed sales trends improved during the fourth quarter, giving investors more confidence and pushing their shares higher. Only Shake Shack saw its stock fall; its outlook disappointed shareholders, who were hoping for higher targets.

But the largest restaurant companies have yet to announce any results. Starbucks paves the way with its announcement on Tuesday after the bell. Yum Brands and Chipotle won’t share their earnings until next week. McDonald’s, often considered a consumer bellwether, isn’t on deck until Feb. 10.
However, a rollercoaster 2024 for restaurants might have ended on a high note — and that could bode well for the industry in the year ahead.
Industry data suggests that the fourth quarter was better for restaurants overall than the rest of the year. Same-store sales grew in both October and November, according to data from market research firm Black Box Intelligence. December was the only month same-store sales fell during the quarter, but Black Box attributed the swing to the calendar shift caused by a late Thanksgiving.
“We came out of [the fourth quarter] with a lot of momentum and started off really strong … That gives me a feeling that the consumer is still very resilient,” Shake Shack CEO Rob Lynch said. “Consumers are still out there spending money. There’s still a lot of jobs for people who want to go out and get great jobs. We’re kind of bullish on ’25.”

Shake Shack storefront with illuminated sign on a bustling street, New York City, New York, October 22, 2024.
Smith Collection | Gado | Archive Photos | Getty Images

Casual dining comeback

Most casual-dining chains have been in turnaround mode, hoping that revamped menus and new marketing plans will reinvigorate sales. For most of last year, only Chili’s, owned by Brinker International, won over customers with its strategy, helping the chain report double-digit same-store sales growth.

But some of Chili’s rivals saw an improvement in the fourth quarter.
For example, Red Robin said it expects to report a 3.4% increase in its fourth-quarter comparable restaurant revenue, excluding a change in deferred loyalty revenue.
“We’ve been doing a ton of work behind the scenes, and I believe that these stories take time, and you can’t skip the process,” Red Robin CEO G.J. Hart told CNBC earlier in January.

Signage for Red Robin Gourmet Burgers outside the company’s restaurant in Louisville, Kentucky.
Luke Sharrett | Bloomberg | Getty Images

For two and a half years, the chain has implemented a broad comeback strategy, which included bringing back bussers and bartenders and overhauling its signature burgers. More recently, Red Robin has launched a loyalty program and unveiled promotions for certain days of the week, reintroducing customers to its revamped restaurant experience and helping it compete with Chili’s.
California Pizza Kitchen also had a strong fourth quarter, and the momentum hasn’t slowed, according to the chain’s President Michael Beacham.
“We had a great [fourth quarter], and we’re already starting out in 2025 with some really strong numbers, and that’s just with our in-dining guests,” Beacham said. CPK is privately owned and doesn’t publicly report its quarterly results, but its sales trends can offer clues about how other casual restaurants are performing.
It helps, too, that diners aren’t feeling as strapped for cash as they were earlier in 2024.
“It looks like the consumer is starting to feel a little bit better than they were in prior quarters,” Darden Restaurants CEO Rick Cardenas said on the company’s earnings conference call in December.
Before the holidays, Darden, which operates on a different fiscal calendar than most of its peers, reported stronger-than-expected demand for its food during the quarter ended Nov. 24. In particular, same-store sales at LongHorn Steakhouse and Olive Garden beat Wall Street’s estimates. Executives credited more frequent visits from diners with annual incomes of $50,000 to $100,000.

Big disappointments?

Some of the biggest restaurant names might have the most disappointing quarters.
Starbucks is still in turnaround mode. Now under the leadership of former Chipotle CEO Brian Niccol, the coffee giant is in the early innings of a turnaround.
“[Fiscal quarter one] is expected to be another challenging quarter as SBUX implements a host of operational changes. Margin pressure is expected to be similar to Q4, but we believe investors likely look through [near-term] headwinds while focusing on evidence of [long-term] turnaround potential,” Wells Fargo analyst Zachary Fadem wrote in a research note on Thursday.

People use laptops inside of a Starbucks on January 14, 2025 in New York City. 
Adam Gray | Getty Images

While Niccol has already tweaked the company’s advertising and promotional strategy, it will take more time for Starbucks to implement larger changes, like a menu overhaul and faster service. The company also recently said it will lay off some of its corporate workforce, although it hasn’t shared how many jobs will be affected.
Wall Street is expecting the Starbucks to report quarterly same-store sales declines of 5.5%, according to StreetAccount estimates.
And then there’s McDonald’s, which spent much of its fourth quarter handling a foodborne illness crisis.
In October, the Centers for Disease Control and Prevention connected a fatal E. coli outbreak to McDonald’s Quarter Pounder burgers. The chain reacted by temporarily pulling the menu item in affected areas and eventually switched suppliers for the slivered onions targeted as the likely culprit.
Traffic to McDonald’s restaurants across the U.S. fell as consumers reacted to the headlines, although analysts expect the company to report that trend reversed later in the quarter.
“We expect headwinds related to the E. coli outbreak likely weighed on 4Q US [same-store sales], with data indicating pressured trends in November, but our franchisee discussions and traffic trends highlighting recovering guest counts in December,” UBS analyst Dennis Geiger wrote in a note to clients on Wednesday.

A look into 2025

Though some chains are lagging behind, restaurant executives generally seem more positive about 2025, citing improving consumer sentiment and wage growth.
“I’m cautiously optimistic about where we’re headed, and it feels good — it really does,” Red Robin’s Hart said.
Restaurants will also be facing easier comparisons to last year’s sales slump, making their growth this year look more impressive.
But industry optimism doesn’t ensure smooth sailing for the year ahead. Investors will be listening carefully for executive commentary about how traffic and sales are faring so far in the first quarter.
For example, restaurants have had to contend with the wildfires that ravaged Los Angeles, displacing residents and temporarily shuttering some eateries, in addition to the usual seasonal snowstorms and frigid temperatures that keep diners at home.
“I think overall, if you take out weather, this tragic thing that’s happening in California, we see green shoots already for restaurants that aren’t impacted,” Fogo de Chao CEO Barry McGowan said. “We’re hopeful this year.” More