A sign in front of a McDonald’s restaurant on April 28, 2022 in San Leandro, California.
Justin Sullivan | Getty Images
McDonald’s reported better-than-expected quarterly earnings on Tuesday as price hikes helped offset higher costs and restaurant closures in Ukraine and Russia.
The company’s shares fell less than 1% in premarket trading.
Here’s what the company said compared to what Wall Street expected, based on a survey of analysts at Refinitiv:
- Earnings per share: $2.55 adjusted
- Revenue: $5.72 billion vs. $5.81 billion expected
McDonald’s reported second-quarter net income of $1.19 billion, or $1.60 per share, compared to $2.22 billion, or $2.95 per share, a year earlier. The company reported a $1.2 billion write-off related to the sale of its Russian business due to the war in Ukraine.
Excluding that fee, the French tax settlement and other items, the fast food giant earned 2.55 cents per share.
Net sales fell 3% to $5.72 billion, partly due to the closure of Russian and Ukrainian McDonald’s restaurants. Global same-store sales rose 9.7% quarterly on strong international growth.