McDonald’s Restaurant Rent on Oxford Street. Restaurants are only allowed to open for takeover orders during the England Second Lockdown.
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McDonald’s reported quarterly earnings on Monday, topping analysts’ estimates. Helped customers through promotions that led them to return to their restaurants.
The company’s stock surged 6% in pre-market trading amid a broad market rally. McDonald’s is to keep the investor updated after its quarterly conference call.
Here’s what the company reported compared to Wall Street’s expectations, based on a survey of analysts by Refinitive:
- Earnings per share: $ 2.22, adjusted, vs. 90 1.90 expected
- Revenue: 4 5.42 billion vs. $ 5.4 billion
The fast-food giant reported third-quarter net income of 7 1.76 billion, or 35 2.35 per share, up from 6 1.61 billion a year earlier, or 11 2.11 billion per share.
Excluding the gains from its sales of McDonald’s Japan and its other stocks, the company earned 22 2.22 cents per share, on top of the 1.90 D90 LR per share expected by analysts surveyed by Refinitive.
Net sales % .. 4 billion expectations fell short of expectations, falling by 4% to 4.42 billion dollars.
The company’s global same-store sales fell 2.2% in the quarter, dragged down by its slow recovery in international markets. But the United States reported a 6.6% growth in sales of similar stores, boosted by strong September pressure, including its popular promotion with rapper Travis Scott and the release of its limited-time spicy McNuggets.
U.S. McDonald’s recovery is ahead of that of rival Burger King, which saw its same-store sales fall 2.4% in the last quarter. But Wendy, excited by the success of her nationwide snack launch, reported a %% increase in sales of similar U.S. stores in the third quarter.
McDonald’s said it expects to deal with restrictions in various markets as long as the coronavirus epidemic continues. New restrictions such as mandatory dining room closures have begun to hit some of its international markets, such as France, Germany, the United Kingdom and Canada, in recent weeks.
The company will increase its quarterly cash dividend by 3% to 29 1.29 per share.
McDonald’s reiterated that it expects to spend 1. 6.6 billion on capital expenditures this year, but added more detail on those investments in a regulatory filing on Monday. About 50 50,550 million will go into its U.S. business, half of which will be spent on upgrading about 900 restaurant restaurants. The company is forecasting to open about 950 new restaurants. Of those, about 270 new locations are in the U.S. And internationally managed markets will be in the segment.
In total, the company expects about 300 new restaurants by 2020. McDonald’s had earlier announced that it would launch a U.S. Will close to about 200 locations in, more than half of which are low-selling volume restaurants within Walmart stores.
Read the full earnings report here.
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