Dow component McDonald’s (NYSE:MCD) reported third-quarter earnings that beat analyst's expectations Tuesday and revenue that topped forecasts, thanks in part to an increase in menu prices.
McDonald’s shares jumped about 3% in pre-market trade following the report.
The fast food behemoth reported earnings per share of $2.10 on revenue of $5.37 billion. Analysts polled by forecast EPS of $2 on revenue of $5.31 billion.
That compared with EPS of $1.76 on revenue of $5.75 billion in the same period a year earlier. The company had reported EPS of $1.99 on revenue of $5.35 billion in the previous quarter.
Its closely watched U.S. comparable-store sales rose 2.4% for the quarter, about in line with what the Street was expecting. Those sales were "driven by growth in average check resulting from both product mix shifts and menu price increases," the company said.
Global comparable sales rose 4.2%.
McDonald's also said it had made "substantial progress" in modernizing its stores, a key strategic goal.
For the year, McDonald’s shares are down 4.09%, under-performing the S&P 500, which is up 2.69% year to date.
Stay up-to-date on all of the upcoming earnings reports by visiting 's earnings calendar
