McDonald's Posts Juicy Profit, Outlook
OAK BROOK, Ill. (
) --
McDonald's
(MCD) - Get McDonald's Corporation Report
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.
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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
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