McDonald's (MCD) Reports $130M in Q3 Pretax Charges
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Today, McDonald's (NYSE: MCD) announced that for the quarter ended September 30, 2016, the Company expects to incur approximately $130 million in pretax charges, or about $0.12 per share on an after-tax basis, consisting of restructuring and non-cash impairment charges related to its global G&A and refranchising initiatives. These initiatives were outlined in November 2015, including plans to refranchise 4,000 restaurants by the end of 2018 and a net G&A savings target of $500 million, the vast majority of which is expected to be realized by the end of 2017. Going forward, the Company expects to incur additional strategic charges in connection with these ongoing initiatives.
Further details regarding the charges for the third quarter and an update on our refranchising activities will be provided during the Company's regularly scheduled earnings conference call later this month.
McDonald's plans to release third quarter results before the market opens on October 21, 2016 and will host an investor webcast. This webcast will be broadcast live and available for replay for a limited time thereafter at www.investor.mcdonalds.com.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Sonoco (SON) Affirms FY16 Outlook; Guides FY17 EPS Below Views
- Notable 52-Week Highs and Lows 12/2: (NBR) (PTEN) (EXEL) High; (PLX) (GES) (GIII) Low
- Starbucks Coffee (SBUX): Regardless Of CEO Transition, Multiple Will Contract - Buckingham
Create E-mail Alert Related CategoriesCorporate News, Guidance
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!