McDonald's quarterly United States comp sales beat estimates

McDonald's quarterly United States comp sales beat estimates”

On a GAAP basis, McDonald's 3Q17 earnings rose 55% to $2.32 per share from $1.50 per share in last year's third quarter.

The company said that it had $1.76 in earnings per share (EPS) and $5.75 billion in revenue, while the consensus estimates from Thomson Reuters were $1.77 in EPS on revenue of $5.74 billion.

McDonald's reported 6-percent global same-store sales growth, as worldwide markets continued to flourish.

Dollar drinks and signature burgers were expected to lift McDonald's Q3 results, RBC analyst David Palmer said before the earnings were released.

International Lead Markets segment comparable-store sales rose 5.7% vs. +4.2% expected, while comparable sales increased 6.2% in the High Growth Markets segment vs. +5.2% expected. However, systemwide sales actually increased by 7% in constant currencies as the result of strong comparable sales. The national beverage and McPick 2 value promotions helped drive traffic. Same-store sales are expected to increase 4.5%, with US comps up 3.4%, according to Consensus Metrix. International Lead comparable sales grew 5.7% year over year as the United Kingdom and Canada showed continued momentum and all other markets returned positive results.

During the latest quarter, McDonald's finished refranchising its businesses in China and Hong Kong, completing 4,000 restaurants "more than a year ahead of schedule", according to Chief Financial Officer Kevin Ozan.

Net income for the quarter ending September 30 was $1.9 billion, up 47.7 percent from the year-ago period. Its High Growth segment, including China, saw 6.2-percent same-store sales growth.

As of Monday's close, McDonald's shares are up more than 34 percent in 2017.

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