McDonald's Corp. (NYSE: MCD) reported Thursday that the company’s profit climbed almost 6 percent in the third quarter, due in part to consumer interest in their more expensive Angus burgers, according to Associated Press.
Best Damn Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Stock Newsletter
McDonald’s, the world's largest burger chain, which has been among the notable winners of the recession because of its cheap menu and value meals, cautioned that the fast-food business was slowing around the globe but that McDonald's would continue to see growth.
In a statement, CEO Jim Skinner cited a "declining informal eating out market around the world" in October. However, he said he expects McDonald's sales in restaurants open at least a year, which is an important measure of a restaurant's performance, to remain positive in October.
During the third quarter, McDonald's said sales in U.S. restaurants open at least a year rose 2.5 percent. The U.S. performance was helped by Americans' healthy appetite for the third-pound premium burgers that debuted nationwide this July as well as its cheap menu options and its espresso coffee drinks. Around the globe, the measure rose 3.8 percent.
For the three months that ended Sept. 30, McDonald's earned $1.26 billion, or $1.15 per share. That compares with a year-ago profit of $1.19 billion, or $1.05 per share. Revenue slid 3.5 percent to $6.05 billion, dragged down by fluctuating global currencies.
Excluding the impact of those currency fluctuations, McDonald's said its third quarter revenue grew 2 percent.
Profit was better than Wall Street forecasts, even though the fast food company's revenue fell just short of expectations. Analysts surveyed by Thomson Reuters expected the restaurant chain to earn $1.11 per share on revenue of nearly $6.1 billion.
Sign up for the free Best Damn Penny Stocks newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website
About Us
Best Damn Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer
