McDonald’s Corp. shares
MCD,
soared 2.6% in premarket trade Thursday, after the fast-food giant blew past estimates for the third quarter. The company posted net income of $1.982 billion, or $2.68 a share, for the quarter, down from $2.149 billion, or $2.86 a share, in the year-earlier period. Revenue fell to $5.872 billion from $6.201 billion a year ago. The FactSet consensus was for EPS of $2.58 and revenue of $5.700 billion. Same-restaurant sales rose 9.5%, ahead of the 5.8% FactSet consensus. U.S. same-restaurant sales rose 6.1%, buoyed by “strategic menu price increases” and positive guest counts, the company said in a statement. Internationally, same-restaurant sales were strong in Germany, Australia and France. In international developmental licensed markets strong sales in Japan and Brazil were partly offset by negative same-restaurant sales in China amid COVID lockdowns. Shares are down 4% in the year to date, while the Dow Jones Industrial Average
DJIA,
has fallen 12%.
