McDonald's Corp (MCD, Financial) released its third quarter 2023 earnings on October 30, 2023. The company reported strong growth across all segments, with global systemwide sales increasing by 11%. Digital systemwide sales in the top six markets reached nearly $9 billion, accounting for over 40% of their systemwide sales.
Financial Performance
McDonald's Corp (MCD, Financial) reported an 8.8% increase in global comparable sales, reflecting strong comparable sales across all segments. The U.S. segment increased by 8.1%, the International Operated Markets segment increased by 8.3%, and the International Developmental Licensed Markets segment increased by 10.5%. Consolidated revenues increased by 14% (11% in constant currencies), and systemwide sales increased by 11% (10% in constant currencies).
Income and Earnings
Consolidated operating income increased by 16% (13% in constant currencies) and included $26 million of pre-tax charges, primarily related to restructuring costs associated with the company's internal effort to modernize ways of working (Accelerating the Organization). Diluted earnings per share was $3.17, an increase of 18% (15% in constant currencies).
Dividends and Share Performance
The company declared a 10% increase in its quarterly cash dividend to $1.67 per share. This move reflects the company's strong financial performance and commitment to returning value to shareholders.
Outlook
McDonald's Corp (MCD, Financial) remains confident in its future and the strategic direction of its business. The company's strong Q3 performance underscores its position as an industry leader and its ability to deliver value to its customers.
Key Financial Metrics
The company reported revenues of $6,692.2 million for the quarter ended September 30, 2023, an increase of 14% from the same period in 2022. Operating income was $3,208.3 million, an increase of 16% from the previous year. Net income was $2,317.1 million, an increase of 17% from the previous year. Earnings per share-diluted was $3.17, an increase of 18% from the previous year.
These results reflect the company's strong operating performance and its ability to drive sales growth and increase shareholder value.
Explore the complete 8-K earnings release (here) from McDonald's Corp for further details.
