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McDonalds Restaurant in London Oxford Street. Restaurants are only allowed to open for take out orders during England’s second lockdown.
Dave Rushen | LightRocket | Getty Images
McDonald’s on Monday released quarterly results above analysts’ estimates, aided by promotions that have prompted U.S. customers to return to its restaurants.
Shares of the company rose 5% in pre-market trading amid a broader market recovery.
Here’s what the company reported compared to what Wall Street expected, based on an analyst survey by Refinitiv:
- Earnings per share: $ 2.22, adjusted, vs. $ 1.90 expected
- Turnover: $ 5.42 billion against $ 5.4 billion expected
The fast food giant reported third-quarter net profit of $ 1.76 billion, or $ 2.35 per share, from $ 1.61 billion, or $ 2.11 per share, a year earlier .
Excluding gains from the sale of its McDonald’s Japan shares and other items, the company earned 2.22 cents per share, exceeding the $ 1.90 per share expected by analysts polled by Refinitiv.
Net sales fell 2% to $ 5.42 billion, beating expectations of $ 5.4 billion.
The company’s global comparable store sales fell 2.2% in the quarter, led by a slower recovery in its international markets. But the United States reported same-store sales growth of 4.6%, fueled by a strong September that included its popular promotion with rapper Travis Scott and the launch of its limited-time Spicy McNuggets.
McDonald’s has said it expects to face restrictions in various markets as long as the coronavirus pandemic continues. New restrictions, like mandatory dining room closures, have started to hit some of its major international markets, such as France, Germany, the UK and Canada in recent weeks.
The company will increase its quarterly cash dividend by 3% to $ 1.29 per share.
Read the full revenue report here.
This is the latest news. Please come back for updates.
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