McDonald's Third Quarter Earnings Rise on Strong Global Results
In constant currencies, the Company posted higher revenues, operating income and earnings per share compared with the prior year. "Alignment behind McDonald's long-term business strategy, the Plan to Win, is clear as our growth continues to be a systemwide effort with each area of the world contributing," said McDonald's Chief Executive Officer, Jim Skinner. "McDonald's global results demonstrate the resilience of our strategies and our ability to execute successfully."
McDonald's reported the following third quarter highlights:
- Global comparable sales increased 3.8% with the U.S. up 2.5%, Europe up 5.8% and Asia/Pacific, Middle East and Africa up 2.2%.
- Consolidated operating income increased 6% (11% in constant currencies) over the prior year.
- Earnings per share of $1.15, a 10% increase (14% in constant currencies) over the prior year.
- The quarterly cash dividend increased 10% to $0.55 per share - the equivalent of $2.20 per share annually - effective fourth quarter 2009.
- Approximately $1.3 billion returned to shareholders through share repurchases and dividends.
Jim Skinner continued, "The consistent strength of McDonald's business is the result of our commitment to the customer. We are keeping the McDonald's brand in demand and growing market share around the world by serving great tasting food at an outstanding value in a way that's convenient to today's consumers."
For the quarter, the U.S. generated solid comparable sales and drove an operating income increase of 6%. The ongoing appeal of McDonald's core menu along with favorable consumer response to the new premium Angus Third Pounders and McCafe espresso-based coffees fueled the U.S. results.
McDonald's Europe delivered strong third quarter comparable sales driving a 10% increase in operating income in constant currencies. Locally relevant premium products and promotions combined with compelling value drove the segment's quarterly performance.
In Asia/Pacific, Middle East and Africa (APMEA), operating income for the quarter rose 21% in constant currencies with Australia and China leading the segment. Emphasis on convenience, value, operations excellence and core menu are enhancing consumer appeal and driving growth across APMEA.
Jim Skinner concluded, "We begin the fourth quarter from a position of strength, and I am confident that our focus on the customer and commitment to financial discipline will continue to deliver long-term profitable growth for our System and our shareholders. For October, despite a declining informal eating out market around the world, we expect consolidated comparable sales to remain positive."
SOURCE McDonald's Corporation
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