McDonald's income up 11% in quarter
October 22, 2008
by FoodBusinessNews.net Staff
OAK BROOK, ILL. — Thanks to strong global comparable sales, income for McDonald’s Corp. increased 11% during the third quarter ended Sept. 30.
Total income for the quarter was $1,191.3 million, equal to $1.05 per share, compared with $1,071.2 million, or 89c per share, during the same quarter of the previous year. Total revenue for the quarter was $6,267.3 million, up 6% from $5,900.9 million during the same quarter of the previous year.
"Our dedication to building our business by building better, not just bigger, continues to strengthen our global performance," said James Skinner, chief executive officer. "For the quarter, we delivered strong comparable sales, higher margin dollars and a double-digit operating income increase … Disciplined financial practices are the foundation of our enduring performance and provide critical support to our strategies. Demonstrating confidence in our continued momentum, we recently increased our dividend 33%, bringing our annualized dividend to $2 per share. As we enter the final quarter of the year, October sales trends remain strong, and I am optimistic about McDonald’s outlook. McDonald’s is a strong, stable global business and remains well-positioned to generate long-term profitable growth for our system and our shareholders."
During the quarter, McDonald’s U.S. had a 5% increase in comparable sales and an operating income growth of 9%.
For the nine months the company had a net income of $3,327.9 million, or $2.89 per share, up significantly from $1,121.9 million, or 92c per share, during the same period of the previous year. Total revenue was $17,957.4 million, up 5% from $17,033 million during the same period of the previous year.