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McDonald's Corp (NYSE:MCD) reported first-quarter results that came in better than expected and helped lift shares higher by nearly 3 percent.
What Happened
McDonald's said it earned $1.78 per share in the first quarter on revenue of $4.956 billion versus expectations of $1.77 per share and $4.93 billion. Net income fell 3 percent from the same quarter last year to $1.3284 billion, but would have been higher by 2 percent on a currency neutral basis.
During the quarter, McDonald's paid $1.9 billion to investors in the form of dividends and share buybacks.
Why It's Important
Global comparable sales were 5.4 percent higher in the quarter, including a 4.5-percent lift in the U.S. market, the company. McDonald's cited its growth on successful promotions, including Bacon Event, the 2 for $5 Mix and Match deal, and Donut Sticks.
McDonald's also said it realized a net positive impact from its Experience of the Future deployment in the U.S. market.
What's Next
McDonald's CEO Steve Easterbrook said its "Velocity Growth Plan" is showing signs of success as "more customers are experiencing a better McDonald's." Looking forward, the company remains focused on delivering further improvements to its business.
The recent acquisition of Dynamic Yield signals management's determination to "seize opportunities to unlock greater potential and position McDonald's for long-term sustainable growth," the CEO said.
The stock traded around $202.54 per share Tuesday morning, up 2.7 percent.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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