McDonald's Corp. shared its third quarter report Thursday, with results surpassing analysts' expectations and achieving the company's highest stock to date.
McDonald's earnings were up 12 percent, with net income up 10 percent in the third quarter ending Sept. 30. Shares were $1.29 each, up from $1.15 per share during Q3 2009.
Revenue for the quick-service chain rose 4.3 percent to $6.3 billion. Analysts predicted a revenue of $6.23 billion.
Just as with its strong second quarter performance, McDonald's elevated third quarter is heavily attributed to its international performance.
The chain's presence in Asia/Pacific, the Middle East and Africa (APMEA) buoyed strong global sales, which were up 6 percent. Chains in the United States were up 5 percent, while those in Europe increased 4.1 percent.
These results come on the heels of an aggressive growth plan in the Asia Pacific market.
Once again, strong U.S. sales were attributed to the nationwide promotion of McCafe frappes and smoothies, as well as the Dollar Menu. European units focused on signature menu items, expanded operating hours and a re-imaging effort.
In the APMEA region, sales were lifted by value items, limited-time offerings and daypart expansions.
"McDonald's customer focus, menu innovation and the ongoing modernization of our restaurants continue to drive our business momentum," said Jim Skinner, CEO. "For the third quarter, we grew comparable sales and customer visits around the world and delivered increased profitability. As we begin the final quarter of 2010, our momentum continues with October global comparable sales expected to increase 5 to 6 percent."
