- McDonald’s third-quarter earnings and revenue beat Wall Street’s estimates.
- The company’s global same-store sales grew 8.8% in the quarter, beating StreetAccount estimates of 7.8%.
- The company’s U.S. same-store sales increased 8.1%, fueled by strategic price increases.
McDonald’s on Monday reported quarterly earnings and revenue that beat analysts’ expectations as price hikes boosted its U.S. sales.
Shares of the company rose more than 2% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:
- Earnings per share: $3.19 adjusted vs. $3 expected
- Revenue: $6.69 billion vs. $6.58 billion expected
The fast-good giant reported third-quarter net income of $2.32 billion, or $3.17 per share, up from $1.98 billion, or $2.68 per share, a year earlier.
Excluding items, McDonald’s earned $3.19 per share.
McDonald’s revenue rose 14% to $6.69 billion.
Global same-store sales grew 8.8% in the quarter, beating StreetAccount estimates of 7.8%.
The company’s U.S. same-store sales increased 8.1%, fueled by strategic price increases. McDonald’s did not disclose how much its prices have risen compared with the year-ago period. The chain also credited its marketing campaigns and digital and delivery orders for its sales growth.
McDonald’s international operated markets division reported same-store sales growth of 8.3%, boosted by strong demand in the United Kingdom, Germany and Canada.
The company’s international developmental licensed markets segment, which includes China and Japan, saw same-store sales growth of 10.5%.
CEO Chris Kempczinski said in a statement that the broader economic environment is unfolding in line with the company’s expectations for the year.
Source: Business - cnbc.com
