McDonald's Shares Rise After Earnings Beat
McDonald's Corp. shares are up 3.5% in Friday premarket trading after the fast-food giant reported third-quarter results that beat estimates. The company had net income of $1.28 billion, or $1.50 per share, compared with $1.31 billion, or $1.40 per share, for the same period last year. The FactSet consensus was $1.48 per share. Revenue totaled $6.42 billion, down from $6.62 billion, but exceeding the $6.28 billion FactSet estimate. Global same-restaurant sales increased 3.5%, and same-restaurant sales in the U.S. grew 1.3%. McDonald's reported negative same-restaurant sales in China due to protests surrounding issues in the South China sea, and year-over-year strong comparisons. McDonald's stock is down 6.4% for the year to date, while the S&P 500 Index is up 4.8% for the same period.
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