Shares of McDonald's dropped 2% in premarket trade after the fast-food restaurant giant reported disappointing third-quarter revenue and same-store sales, and provided a downbeat outlook. Revenue fell to $6.99 billion from $7.32 billion a year ago, missing the average analyst estimate compiled by FactSet of $7.19 billion. Global same-store sales declined 3.3%, amid a 3.3% drop in U.S. sales, while analysts were projecting declines of 2.8% and 2.5%, respectively. Profit for the quarter fell to $1.07 billion, or $1.09 a share, from last year's $1.52 billion, or $1.52 a share. The company said non-recurring items reduced net earnings per share by 42 cents. The FactSet consensus adjusted EPS forecast was $1.37. The internal and external challenges it faced during the third quarter "will continue into the fourth quarter, with global comparable sales for October expected to be negative," said Chief Executive Dan Thompson. The stock has lost 5.6% year to date through Monday, compared with a 3% gain in the S&P 500.
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