McDonald’s wraps up tumultuous year on a strong note
Posted January 29, 2020 7:20 am.
This article is more than 5 years old.
McDonald’s ended 2019 on a high note despite internal turmoil at the company, which pushed out its CEO in November.
The burger giant said its fourth quarter net income rose 11% to $1.6 billion, or $2.08 per share. Excluding one-time items like tax benefits, the company earned $1.97 per share. That beat Wall Street’s forecast of $1.96, according to FactSet.
Fourth quarter revenue was up 4% to $5.3 billion, which was in line with estimates.
Same-store sales — or sales at stores open at least 13 months — jumped 5.9% worldwide, topping analysts’ expectations for the Chicago company.
McDonald’s former President and CEO Steve Easterbrook was pushed out in November after violating company policy by having a consensual relationship with an employee. He was replaced by Chris Kempczinski, who most recently led the company’s U.S. operations.
Dee-Ann Durbin, The Associated Press
