McDonald's stock falls 3% after earnings and revenue miss estimates - Sky Statement
McDonald's reported weaker-than-expected quarterly earnings and revenue on Tuesday as its promotions struggled to lure U.S. customers away from the competition.
Shares of the company fell 3% in premarket trading.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $2.11 vs. $2.21 expected
- Revenue: $5.4 billion vs. $5.5 billion expected
- Global same-store sales: 5.9% vs. 5.6% expected
The fast-food giant reported fiscal third-quarter net income of $1.6 billion, or $2.11 per share, unchanged from $1.6 billion, or $2.10 per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings per share of $2.21.
Net salesrose 1% to $5.4 billion, narrowly missing expectations of $5.5 billion. The company reported global same-store sales growth of 5.9%, thanks to strong performance in its international markets.
U.S. same-store sales grew by 4.8% during the quarter, falling short of Wall Street's estimates of 5.2%. McDonald's said national and local promotions, menu price increases and tech-focused upgrades to stores drove domestic same-store sales growth. Traffic to U.S. locations, however, continues to decline.
McDonald's competition has been generating more buzz when it comes to menu additions. With some help from social media, Popeyes Louisiana Kitchen, which is owned by Burger King's parent Restaurant Brands International, sold out of its chicken sandwich in less than a month after its launch this summer.
Burger King has also been stealing some spotlight from McDonald's with the nationwide launch of its plant-based Impossible Whopper. In September, McDonald's announced plans to test a burger made with a Beyond Meat patty in select stores in Ontario, Canada.This story is developing. Please check back for updates.
McDonald's ( MCD) missed third-quarter earnings and revenue views as U.S. same-store sales also fell short. McDonald's stock fell early Tuesday. McDonald's Earnings Estimates: Wall Street expects McDonald's earnings per share to rise 5% to $2.20. Revenue
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