McDonald's Q3 earnings up
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McDonald’s posted higher profits for its third quarter, but is expecting sales to be flat this month, the company said Monday.
Shares were trading at $93.67, down 1.5 percent after the market opened on Monday.
According to Thomas Reuters, McDonald’s earned $1.52 a share just beating analysts’ estimates of $1.51 a share.
"Our results reflect McDonald's ability to grow amid the broad-based challenges of the current environment by focusing on those areas of the business within our control," CEO Don Thompson said in a news release.
The Oak Brook, Illinois business has struggled to boost sales among high competition and a fundamental shift in consumer choices to reflect a healthier lifestyle. This is occurring as economic conditions around the world persist and remain taxing.
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Last year McDonald’s saw its monthly sales figures drop for the first time in almost a decade. The head of U.S. business was replaced and the company continues to focus on value.
The fast-food restaurant reported that global sales at restaurants open at least 13 months increased less than 1 percent (0.9 percent), and operating income was up 5 percent.
The popular Monopoly promotion in the U.S. and the introduction of Mighty Wings with a national, limited-time offer helped sales. During the fourth quarter, McDonald's said it expects global sales to be relatively flat.
"While we are focused on strengthening our near-term performance, the current environment continues to pressure results," said Don Thompson.
