OAK BROOK, Ill. (TheStreet) -- McDonald's (MCD) is the McDaddy of restaurants, as it made clear with the release of its third-quarter earnings report today. While the rest of the industry is tanking, the fast-food behemoth ground out third-quarter profit growth and positive same-store sales.
During the quarter, the company earned $1.26 billion, or $1.15 a share, compared with $1.19 billion, or $1.05, in the year-ago period.
Revenue slipped 3.5% to $6.05 billion from $6.27 billion last year. But all eyes are naturally on U.S. same-store sales, which jumped 2.5%, resulting in a 3.8% gain for global comparable sales.
McDonald's attributes much of the strength domestically to the launch of its new Angus burger and the rollout of its McCafe initiative.And sales aren't expected to slow any time soon. CEO Jim Skinner said he expects October same-store sales to remain positive. The news sent shares of the company rising 3.5% to $60.35 in pre-market trading. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV