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10/22, 2:00 PM (Source: TeleTrader)
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McDonald's posts EPS of $2.11 in Q3, misses estimates

McDonald's said on Wednesday its diluted earnings per share stood at $2.11 in the third quarter of 2019, virtually unchanged from the same period a year ago and missing market estimates.

The fast-food giant's net income was down 2% year on year to $1.6 billion, while revenue increased by 1% on an annual basis to $5.43 billion in the three-month period. Meanwhile, operating income was unchanged from the third quarter of 2018 at $2.41 billion. The company added its global comparable sales growth stood at 5.9%.

"Our third-quarter performance was strong, and broad-based momentum continued with our 17th consecutive quarter of global comparable sales growth," CEO Steve Easterbrook stated. "Globally, our customers are rewarding our commitment of running better restaurants and executing our Velocity Growth Plan by visiting more often," he added.

McDonald's shares dropped over 3% in premarket trading on worse-than-expected results.

Breaking the News / NP