McDonald's Earnings Up 10% on Strong Global Growth

McDonaldsMcDonald's (MCD) pleased Wall Street Thursday after it said that its third-quarter earnings rose 10%, beating analyst estimates.

The world's largest fast food chain reported earnings per share of $1.29 in the quarter ending Sept. 30. That was nearly a nickel higher than the $1.25 estimate from Thomson Reuters analysts.

Global comparable sales increased 6.0%, boosted by strong growth from around the world. U.S. comp sales rose 5.3%, compared to 4.1% in Europe and 8.1% in Asia/Pacific, Middle East and Africa.

"For the third quarter, we grew comparable sales and customer visits around the world and delivered increased profitability," CEO Jim Skinner said in a statement. "As we continue to invest in our business and extend the McDonald's brand, I am confident that we will create even more ways to satisfy consumers looking for high quality, great tasting food that's convenient and affordable."

Investors were lovin' the news from McDonald's. Shares rose nearly 2% in premarket trading.

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When people on Wall Street are cheering on McDonald's, you know that they are losing their minds!

October 21 2010 at 8:34 AM Report abuse +5 rate up rate down Reply