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McDonald’s earnings miss expectations

Economy, Finance

McDonald’s Corp. reported fourth-quarter net income of $1.38 billion, or $1.84 per share, down from $1.57 billion, or $2.08 per share, last year. Adjusted EPS fell 14% year-over-year to $1.70, below the FactSet consensus for $1.77. Revenue was $5.313 billion, down from $5.428 billion and also below the FactSet consensus of $5.362 billion. Global comparable sales were in line with the FactSet consensus for a 1.3% decline. U.S. comparable sales rose 5.5%. The fast-food giant said key international markets were impacted by capacity and operating hour restrictions due to COVID-19, which has carried into 2021. The company recorded $30 million in restaurant closing costs for the quarter. McDonald’s stock slipped 0.6% in Thursday premarket trading, and is down 1.6% over the past year. The Dow Jones Industrial Average is up 5.5% over the last 12 months.

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