McDonald’s earnings exceed analyst expectations.

McDonald’s announced quarterly earnings and revenue that exceeded Wall Street projections on Tuesday, as American consumers continue to buy fast food in enormous quantities.

In premarket trading, the company’s stock increased by around 1%.

McDonald’s (Image source: Twitter)

According to a Refinitiv survey of analysts, the following is what the firm said in comparison to Wall Street’s expectations:

Earnings per share: $2.63, compared to the projected $2.33. Revenue: $5.9 billion versus the projected $5.59 billion

The fast-food corporation posted a first-quarter net income of $1.8 billion, or $2.45 per share, up from $1.1 billion, or $1.48 per share, a year ago.

McDonald’s earned $2.63 per share after deducting $180 million in restructuring and other charges.

Net sales increased 4% to $5.9 billion. The company’s three divisions saw a 12.6% increase in sales from a single store.

In its home market, higher menu prices and increased foot traffic contributed to same-store sales growth that exceeded StreetAccount estimates by 7.9%.

McDonald’s US attendance increased for the third consecutive quarter, bucking a general industry trend of declining attendance due to rising food prices.

Historically, fast food chains like McDonald\’s have thrived in times of economic uncertainty as consumers opt for cheaper options.

Outside the US, McDonald’s sales also beat expectations. The company’s international markets, which include the UK, France, Germany, and Australia, topped StreetAccount’s estimates for same-store sales growth of 8.5%.

The international licensed development market segment, which includes China and Japan, beat expectations for same-store sales by 10.5%.

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