McDonald’s Corp. (NYSE: MCD) released its first-quarter earnings report before the markets opened on Friday. The company said it had $1.23 in earnings per share (EPS) on $5.90 billion in revenue. Thomson Reuters consensus estimates had called for $1.16 in EPS on revenue of $5.82 billion. In the same period of last year, he golden arches posted EPS of $1.01 and $5.96 billion in revenue.
Global comparable sales increased 6.2% in the quarter, as well as consolidated revenues decreasing 1%, but increasing 3% in constant currencies.
In the United States, first-quarter comparable sales increased 5.4%, fueled by the ongoing popularity of All Day Breakfast and the introduction of McPick 2 branded national value platform.
In the High Growth segment, first-quarter comparable sales increased 3.6%, led by strong comparable sales performance in China and positive performance across various other markets, including Russia.
In terms of its segments, the company reported $3.75 billion in sales by company-operated restaurants, while revenues from franchised restaurants totaled $2.15 billion.
24/7 Wall St.Steve Easterbrook, president and CEO of McDonald’s, commented:
McDonald’s brand and business is built on offering delicious food and beverages through unmatched convenience and compelling value. The turnaround plan we announced last year is grounded in enhancing these critical customer-driven elements, and I’m pleased to report that our turnaround is taking hold. The ongoing investments we’re making in running great restaurants and delivering what matters most to our customers are beginning to yield sustained positive results. For the quarter, we generated higher sales, revenues and operating income in constant currencies across all business segments.
Shares of McDonald’s closed Thursday down 2.2% at $125.79, with a consensus analyst price target of $128.14 and a 52-week trading range of $87.50 to $129.80. Following the release of the earnings report, the stock was up 2.2% at $128.50 in early trading indications Friday.
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