McDonald’s Corp. (NYSE: MCD) reported fourth-quarter and full-year 2013 results before markets opened Thursday. For the quarter, the fast-food restaurant chain posted diluted earnings per share (EPS) of $1.40 on revenues of $7.09 billion. In the same period a year ago, the company reported EPS of $1.38 on revenues of $6.95 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.39 and $7.11 billion in revenues.

For the full year, the company posted EPS of $5.55 on revenues of $28.1 billion, compared with a consensus estimate that called for EPS of $5.55 and revenues of $28.13 billion.

Globally, same-store sales in the fourth quarter fell 0.1% and consolidated net income was flat. U.S. same-store sales fell 1.4%, while rising 1% in Europe and falling by 2.4% in Asia.

McDonald’s did not offer guidance in its earnings press release. However the company’s CEO did say that capital spending is targeted at $2.9 billion to $3 billion to open 1,500 to 1,600 new stores and the remodeling of more than 1,000 existing locations.

The company’s CEO also said:

While 2013 was a challenging year, we begin 2014 with a renewed focus on the global growth priorities that are most impactful to our customers. We are uniting consumer insights with innovation and consistent execution to optimize our menu, modernize the customer experience and broaden accessibility to Brand McDonald’s. …

Consistent with our long-standing priorities for our use of cash, after investing in our business, we are committed to returning all free cash flow to shareholders over the long term, through dividends and share repurchases. For 2014, we expect to return approximately $5 billion to shareholders through dividends and share repurchases.

The consensus estimates for the first quarter call for EPS of $1.29 on revenues of $6.86 billion. The current full-year 2014 forecast calls for EPS of $5.92 on revenues of $29.42 billion.

McDonald’s continues to tinker with its menus, mostly in the value portion. But the introduction of the Dollar Menu & More in the U.S. cannot be judged to have been a major success since comparable store sales were down. To keep investors happy, the company continues to pay a fat dividend yield (3.4%) and buy back stock. That could work for a while, but the company had better come up with a new big idea fairly soon or even showering cash on investors will not do the trick.

McDonald’s shares were down about 0.4% in premarket trading, at $94.78 in a 52-week range of $93.02 to $103.70. Thomson Reuters had a consensus analyst price target of around $103.80 before the report.

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