McDonald’s (MCD) has reported third-quarter financial results that beat Wall Street forecasts across the board as price hikes lifted sales in the U.S. and overseas.
The Chicago-based quick service restaurant chain announced earnings per share (EPS) of $3.19 U.S. versus $3 U.S. that had been expected among analysts.
Revenue in the quarter ended Sept. 30 totaled $6.69 billion U.S. compared to $6.58 billion U.S. that was forecast. The company’s revenue was up 14% from a year earlier.
McDonald’s said that its global same-store sales grew 8.8% in Q3, beating estimates of 7.8%.
The company’s U.S. same-store sales increased 8.1%.
The strong results were attributed to strategic price increases on McDonald’s food items, as well as successful marketing campaigns and a rise in digital delivery orders.
McDonald’s said it saw strong international same-store sales growth in the key markets of the United Kingdom, Germany, and Canada during Q3.
The company’s same-store sales in Asia, which includes both China and Japan, grew 10.5% in the quarter.
Looking ahead, McDonald’s said that the economic environment is unfolding in line with the company’s expectations for the remainder of this year.
The stock of McDonald’s has declined 6% over the last 12 months to trade at $255.76 U.S. per share. However, the company’s share price gained 3% in premarket trading on news of its Q3 results.
Related Stories
