McDonald's (MCD.US) stock jumped over 6.0% in pre-market after company posted better than expected quarterly results.
Fast food chain earned $2.22 per share compared to analysts’ estimates of $ 1.90 per share. Revenue of $5.42 also beat market forecasts of 5.4 billion. Sales in the US rose 4.6% helped by the limited-time promotional deal with rapper Travis Scott, which caused shortages of some ingredients. However global sales fell 2.2% as other key markets including France, Germany and the United Kingdom were affected by new lockdown restrictions due to surging numbers of new COVID-19 cases. "The resilience of the McDonald's system was on display during the third quarter as the competitive strength of our business and the 3 D's – Digital, Delivery and Drive Thru – led to significant global comparable sales recovery," said McDonald's Chief Financial Officer Kevin Ozan. "Our franchisees and restaurant teams around the world remain focused on running great restaurants and continuing to provide a safe environment for customers to enjoy our great tasting food."
The company will increase its quarterly cash dividend by 3% to $1.29 per share.
McDonald's (MCD.US) stock jumped over 6% on upbeat quarterly results. If the current sentiment prevails, the upward move could be extended to the $232.03 level, where all-time highs are located. Source: xStation5
