McDonald's shares edged higher early Monday as the restaurant chain reported above-forecast third-quarter results, boosted by a surprise jump in same-storesales. McDonald's stock is attempting to climb out of a three-month consolidation.
The Chicago-based fast-food leviathan turned in a 19% earnings gain, to $3.19 a share, and a 14% rise in revenue, to $6.69 billion. Consensus views put earnings at $3 and revenue at $6.58 billion, according to FactSet.
U.S. same-store sales vaulted 8.1%, surprising analysts who targeted a 7.5% increase on consumers turning more cautious.
The third quarter results "reflect our position of strength as the industry leader," according to a statement from McDonald's Chief Executive Chris Kempczinski, who also said, "the macroeconomic environment is unfolding in line with our expectations for the year."
Management boosted the company's quarterly dividend by 10%, to $1.67 per share.
MCD stock opened 0.5% higher Monday, paring its premarket gains. McDonald's shares have managed to climb a modest 4% off an Oct. 26 low, but it remain down 15% since late July.
Among other restaurants due to report this week, Starbucks delivers results Thursday morning.
YOU MAY ALSO LIKE:
This Is Still The Golden Rule Of Investing
William O'Neil, Legendary Investor And IBD Founder, Dies At 90
The Key To Big Gains In The Stock Market? Fewer Stocks, Not More
