McDonald’s wraps up tumultuous year on strong note
McDonald’s ended 2019 on a high note despite internal turmoil at the company that pushed out its CEO in November.
The burger chain said its fourth quarter net income rose 11% to 1.6 billion dollars (£1.23 billion), or 2.08 dollars (£1.60) a share.
Excluding one-time items like tax benefits, the company earned 1.97 dollars (£1.51) a share.
That beat Wall Street’s forecast of 1.96 dollars, according to FactSet.
Fourth quarter revenue was up 4% to 5.3 billion dollars (£4.07 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 US operations.