McDonald's Revenue Beats Estimates as Breakfast Helps US Gains
McDonald’s Corp.’s third-quarter revenue topped analysts’ estimates, helped by international markets like the U.K. and Canada as well as the expansion of its all-day breakfast menu in the U.S.
Revenue was $6.42 billion in the period ended Sept. 30, the Oak Brook, Illinois-based company said in a statement on Friday. Analysts estimated $6.28 billion, on average. Globally, comparable-stores sales rose 3.5 percent, while analysts projected a 1.5 percent gain, according to Consensus Metrix.
Chief Executive Officer Steve Easterbrook has staged a turnaround at the company with the help of steep discounting, faster kitchens and all-day breakfast at its domestic locations. McDonald’s, which gets about two-thirds of its revenue from outside the U.S., also was helped in the quarter by gains in its international lead markets unit, which includes the U.K., Canada, Australia and Germany.
The shares increased 3.6 percent to $114.50 at 8:02 a.m. in early trading New York. Through Thursday, McDonald’s had dropped 6.4 percent this year.
News by Bloomberg, edited by Hospitality Ireland