McDonald's Shares Rise After Earnings Beat Estimates

McDonald's Corp. shares rose 2.6% in Tuesday premarket trading after the fast-food giant reported first-quarter earnings that beat consensus. Net income was $1.21 billion, or $1.47 per share, up from $1.12 billion, or $1.25 per share, last year. The FactSet consensus was $1.34. Revenue was $5.68 billion, down from $5.90 billion, but ahead of the $5.53 billion FactSet consensus. Global same-store sales rose 4%, and U.S. same-store sales increased 1.7%. U.S. same-store sales benefited from menu initiatives like the Big Mac and beverage value promotions. Same-store sales for the International Lead segment were up 2.8% driven by momentum in the U.K. and the Canada launch of All-Day Breakfast. And same-store sales for High Growth segment were up 3.8% led by China. McDonald's shares are up 10.3% for the year so far while the Dow Jones Industrial Average is up 5.1% for the period.