McDonald's Corp. shares are up 1.4% in Tuesday premarket trading after the fast-food giant reported second-quarter earnings and revenue that beat consensus. McDonald's net income was $1.40 billion, or $1.70 per share, up from $1.09 billion, or $1.25 per share, for the same period last year. The FactSet consensus was $1.62. Revenue for the quarter totaled $6.05 billion, down from $6.27 billion last year, but ahead of the $5.96 billion FactSet consensus. The decline was due to the refranchising initiative, the company said. Global same-store sales rose 6.6%, while same-store sales rose 3.9% in the U.S. The U.S. same-store sales consensus was up 2.9%, according to FactSet. McDonald's attributed the domestic same-store sales result to the cold beverage value promotion that took place during the quarter, and the launch of Signature Crafted sandwiches. McDonald's shares are up 24.8% for the year so far outpacing the S&P 500 index , which is up 10.3% for the quarter.
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