NEW YORK (TheStreet) - McDonald's (MCD) shares were slipping in pre-market trading after the fast-food chain posted meager growth rates for the third quarter and indicated that it expects those trends "to persist" in the final quarter of the year.
The Oak Brook, Ill.-based company reported third-quarter net income of $1.52 billion, or $1.52 a share, a 5% year-over-year increase. Revenue rose 2% to $7.32 billion. McDonald's global comparable sales rose 0.9%.
Analysts, according to Thomson Reuters, expected the fast-food chain to post earnings of $1.51 a share on revenue of $7.34 billion.
Shares were falling 1.7% to $93.52 in pre-market trading.
U.S. comparable sales rose a meager 0.7% in the quarter, while operating income rose 5%, the company said. U.S sales were propped by McDonald's popular Monopoly promotion.
Last month, McDonald's kicked off new "Mighty Wings" menu items, featuring bone-in wings sold in 3, 5 and 10 pieces, with prices starting at $2.99. The promotion will go through the end of November.
"Looking ahead, the U.S. is focused on fortifying its value leadership position and leveraging recently introduced chicken, beef and beverage options to enhance sales and profitability," the company said in the release.
European comparable sales inched 0.2% higher. Operating income for the region rose 11% (8% in constant currency) reflecting strong performance in the U.K. and Russia and solid results in France, but offset by Germany.
Comparable sales in McDonald's Asia/Pacific, Middle East and Africa (APMEA) region declined 1.4% for the quarter, with operating income slumping 12% (4% in constant currency) specifically tied to weakness in China, Japan and Australia. McDonald's partially attributed the lower results to the ongoing challenging environments in those areas.