McDonald's Beats Wall Street's Expectations
10/22/2003
McDonald's Corp. today announced record results for the quarter
and nine months ended September 30, 2003. The stock is up
38% since we recommended it in May of this year (an annualized
rate of 79%). The S&P 500 is up only 13% over the same
time period.
McDonald's Chairman and Chief Executive
Officer Jim Cantalupo said, "Earnings per share increased
13% to a record high of 43 cents. This performance indicates
that our revitalization plan is beginning to yield results.
Our focused and disciplined approach is producing strong sales
and profitability improvements in our U.S. business and improved
trends in some international markets; still, there are many
opportunities to improve our business as we move forward."
Cantalupo reported the following highlights:
- Diluted earnings per share for the quarter
were $0.43, a 13% increase (8% in constant currencies).
- Net income increased 12% (8% in constant
currencies) to $547 million for the quarter.
- Operating income increased 16% (10% in
constant currencies) to $964 million for the quarter; U.S.
operating income increased 19% to $571 million.
- Systemwide sales and revenues were up
11% (7% in constant currencies) for the quarter.
- Comparable unit sales for Brand McDonald's
restaurants increased 3.9% worldwide and 9.5% in the U.S.
for the quarter.
- The Company repurchased $139 million
of its common stock during the quarter.
Click
here to access the complete press release and summary financial
information.
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