McDonald's Corp. (MCD) was one of the few stocks showing strength Tuesday, Oct. 23, after the fast food chain reported strong third-quarter earnings.
The company reported profit of $2.10 a share on revenue of $5.37 billion, easily topping expectations of $1.99 a share on revenue of $5.3 billion. The company did say that consolidated revenue fell 7% year over year due to the company's "strategic refranchising initiative."
Shares of McDonald's were rising 5.5% on Tuesday.
The company reported a 2.4% increase in comparable-restaurant sales, which was driven by a growth in the average price of a meal at McDonald's.
"We are intensely focused on providing our customers with great experiences at McDonald's by running great restaurants and executing our delivery, digital, and Experience of the Future initiatives at a high level," CEO Steve Easterbrook said in a press release.
McDonald's has now achieved 13 consecutive quarters of positive global comps, which is one of the company's main focuses.
"We remain confident that our strategy will drive long-term, profitable growth," Easterbrook said.