McDonald's (MCD) Reports Q3 Profit Rose 9%, Global Comps Jumped 5%
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Financial Fact:
Provision for income taxes: 629.1M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Traders are gobbling up shares of McDonald's (NYSE: MCD) Friday morning following better-than-expected third-quarter earnings and sales.
The Oak Brook, IL-based fast-food restaurant operator posted quarterly net revenue of $7.166 billion, up about 14 percent from the $6.3 billion in sales reported during the same quarter in 2010. Analysts were looking for revenue of $7.01 billion.
Same-store sales rose a sharp 5 percent for the quarter ended September 30th. Comparable-store sales in the US were up 4.4 percent, comps in Europe were up 4.9 percent and comps to Asia-Pacific, the Middle East and Africa rose 3.4 percent.
Net income was up 9 percent from $1.388 billion in the year-ago quarter to $1.507 billion. Earnings per share totaled $1.45, up 12 percent from $1.29 last year. The Street had been expecting third-quarter earnings of $1.43 per share.
McDonald's CEO Jim Skinner said, "McDonald's continued success is driven by the strategic and operational fundamentals that guide our business. Our sustained commitment to and execution of the Plan to Win is creating significant brand differentiation that resonates with customers and generates long-term profitable growth for our System and our shareholders. As we enter the final quarter of 2011, our global comparable sales remain strong with October comparable sales expected to be up 4.0% to 5.0%."
With less than an hour left in the pre-market session, McDonald's shares last traded at $91.60, up 2.9 percent from Thursday's closing price.
The Oak Brook, IL-based fast-food restaurant operator posted quarterly net revenue of $7.166 billion, up about 14 percent from the $6.3 billion in sales reported during the same quarter in 2010. Analysts were looking for revenue of $7.01 billion.
Same-store sales rose a sharp 5 percent for the quarter ended September 30th. Comparable-store sales in the US were up 4.4 percent, comps in Europe were up 4.9 percent and comps to Asia-Pacific, the Middle East and Africa rose 3.4 percent.
Net income was up 9 percent from $1.388 billion in the year-ago quarter to $1.507 billion. Earnings per share totaled $1.45, up 12 percent from $1.29 last year. The Street had been expecting third-quarter earnings of $1.43 per share.
McDonald's CEO Jim Skinner said, "McDonald's continued success is driven by the strategic and operational fundamentals that guide our business. Our sustained commitment to and execution of the Plan to Win is creating significant brand differentiation that resonates with customers and generates long-term profitable growth for our System and our shareholders. As we enter the final quarter of 2011, our global comparable sales remain strong with October comparable sales expected to be up 4.0% to 5.0%."
With less than an hour left in the pre-market session, McDonald's shares last traded at $91.60, up 2.9 percent from Thursday's closing price.
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