McDonald’s misses Q3 earnings target by 10 cents

McDonald’s Corporation (NYSE: MCD) on Tuesday reported third-quarter revenues that edged up 1% to $5.43 billion, compared to analysts’ expectation of $5.49 billion. The fast-food joint reported its seventeenth consecutive quarter global comp sales, which came in at 5.9% in Q3.

Franchise-operated stores continued to outperform Company-operated restaurants with regards to revenue generation in Q3. While revenues from franchised restaurants grew 5%, revenues from company outlets fell 4%.

Hurt by foreign currency translation, adjusted net income fell to $2.11 per share, from $2.16 per share a year ago. The bottom-line missed street consensus by 10 cents. 

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MCD shares fell 3.7% immediately following the announcement. The stock has gained 19% since the beginning of this year.

CEO Steve Easterbrook said, “Globally, our customers are rewarding our commitment of running better restaurants and executing our Velocity Growth Plan by visiting more often.”

Earlier this month, rival Domino’s Pizza Inc. (NYSE: DPZ) missed revenue and earnings expectations for the third quarter of 2019, sending shares falling 6.6% in premarket hours on Tuesday. Yum! Brands (NYSE: YUM) will report financial results on October 30.

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