McDonald’s posts strong Q3 2009 earnings

The fast-food giant posted strong quarterly earnings as people eat at more affordable restaurants in this economic downturn

The world’s biggest fast food chain, McDonald’s, has released stronger than expected Q3 earnings.

The company earned $1.26 billion ($1.15 per share), up compared to the same period last year with $1.19 billion in earnings ($1.05 per share).

The increase in revenue can be attributed to the company’s newest food offering, the more expensive and successful Angus Third Pounder burger.

The company noted currency losses for dragging revenue down, without considering currency losses, revenue for the quarter was actually up 2-percent.

 Net income for the period was $1.26 billion ($1.15 per share), down from $1.19 billion ($1.05) from the same period last year.

Same store sales (stores opened at least a year) were up 2.5-percent.

The company beat out Wall Street expectations; analysts surveyed by Reuters were expecting earnings of $1.11 per share.

Mcdonald’s CEO Jim Skinner warned the fast-food business is slowing globally but anticipated a strong fourth quarter and positive same store sales growth in October, too.

The markets reacted favorably to the news, sending McDonald’s stock up by almost $2 per share (3.37% up) in earning morning trading.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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