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World 08.02.2024

McDonald's Corp. net income in the fourth quarter of 2023 grew by 7%, and revenue fell slightly short of forecasts

Source: interfax.kz
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American McDonald's Corp. increased net profit in the fourth quarter of 2023 by 7% and increased revenue by 8%, with adjusted profit exceeding market expectations, and revenue slightly falling short of forecasts.
McDonald's Corp. net income in the fourth quarter of 2023 grew by 7%, and revenue fell slightly short of forecasts

For the October-December 2023 period, McDonald's reported net income of $2.04 billion, or $2.8 per share, compared with $1.9 billion, or $2.59 per share, in the same period last year. Adjusted earnings per share were $2.95. According to a survey of FactSet experts, the average forecast was $2.83 per share.

The company's revenue for the quarter rose 8% to $6.41 billion, compared to analysts' estimates of $6.45 billion. McDonald's global comparable sales (including restaurants open more than a year) rose 3.4% in the period, including a 4.3% increase in the United States.

For the full year 2023, the company's net income increased 37% to $8.47 billion, or $11.56 per share. This growth is partly due to the fact that a year earlier a one-time write-off was recorded due to the departure from Russia. McDonald's annual revenue grew 10% to about $25.5 billion.

McDonald's shares showed little change in pre-market trading Monday. Over the past 12 months, the company's capitalization has grown by 10.9%, reaching $215.5 billion.

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February 2024
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