Shares of McDonald’s Corp. rallied Monday, after the fast-food restaurant giant reported third-quarter results that rose above expectations, with price increases helping boost U.S. results.
“The macroeconomic environment is unfolding in line with our expectations for the year, and we continued to deliver convenience and value for our customers,” said Chief Executive Chris Kempczinski.
The stock
MCD,
climbed 2.2% toward a one-month high, to pace the Dow Jones Industrial Average’s
DJIA
premarket gainers.
Net income rose to $2.32 billion, or $3.17 a share, from $1.98 billion, or $2.68 a share, in the same period a year ago. Excluding nonrecurring restructuring costs, adjusted earnings per share of $3.19 beat the FactSet consensus of $3.00.
Revenue grew 14% to $6.69 billion, above the FactSet consensus of $6.56 billion, as overall same-store sales growth of 8.8% beat expectations for an 8.0% rise.
In the U.S., same-store sales increased 8.1% to top expectations of 7.5% growth. “Comparable sales results benefited from strong average check growth driven by strategic menu price increases,” the company said in a statement.
The stock has dropped 13.0% over the past three months through Friday, while the Dow Jones Industrial Average
DJIA,
has lost 8.6%.