No. 1 restaurant chain's profit climbs 42 percent to 61 cents per share on strength of new products.
October 19, 2004: 9:12 AM EDT
LOS ANGELES (Reuters) - McDonald's Corp. reported third-quarter earnings Tuesday that were in line with a higher-than-expected forecast the company gave last week, helped by strong sales in the United States and a tax benefit.
McDonald's (Research) shares rose 1.4 percent before the bell.
The Oak Brook, Ill.-based company said earnings for the third quarter ended Sept. 30 were $778.4 million, or 61 cents per share, up from $547.4 million, or 43 cents, in the year-earlier period.
Excluding a tax benefit of 7 cents per share, McDonald's earned 54 cents per share for the quarter.
Revenue rose 9 percent to $4.9 billion, while sales at McDonald's restaurants open at least 13 months, or same-store sales, rose 5.8 percent.
McDonald's last week reported preliminary earnings of 61 cents a share for the quarter, above Wall Street analysts' average estimate at the time of 49 cents, according to Reuters Estimates.
In the company's U.S. business, same-store sales have surpassed expectations in recent months due to the success of new products like the chain's Chicken Selects fried chicken strips.
Strength in that market, the company's biggest, has offset softer sales in Europe, where McDonald's said economic weakness in places like Germany has hampered sales.
McDonald's shares rose to $29.60 in pre-market trading from $29.20 at Monday's close on the New York Stock Exchange.
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