Wednesday January 29, 2020, 00:00:00
By Mark Kalinowski
Earlier today, McDonald’s (MCD; Buy) reported Q4 EPS (excluding an $0.11 worth of income tax benefits due to new regulations) of $1.97, below our $2.00 forecast, but one cent above sell-side consensus (according to Consensus Metrix) of $1.96. Closely-watched U.S. same-store sales rose by +5.1% in Q4, nearly matching our +5.0% projection, and coming in 40 basis points above consensus of +4.7%. Fourthquarter same-store sales for International Operated (+6.2% actual vs. our +5.5% estimate and +5.3% consensus) and International Licensed (+6.6% actual vs. our +6.0% estimate and +6.4% consensus) also came in above expectations.
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Tuesday October 22, 2019, 00:00:00
By Mark Kalinowski
Earlier today, McDonald’s (MCD; Neutral) reported third-quarter EPS of $2.11, falling short of our $2.21 forecast and sell-side consensus (according to Consensus Metrix) of $2.21. Tax rate accounts for $0.02-$0.03 of the difference between actual and our forecast. Other factors behind the EPS miss include lower-thananticipated revenues from franchisee/affiliates ($3.014 billion actual vs. $3.090 billion projected), weaker-than-projected franchised margins (81.4% actual vs. 81.9% projected), lower-than-anticipated Other Operating Income ($49.5 million actual vs. $66.2 million estimated), and higher-than-forecasted SG&A/Revenues (10.0% actual vs. 9.8% forecasted).
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Friday July 26, 2019, 00:00:00
By Mark Kalinowski
Earlier today, McDonald’s (MCD; Buy) reported adjusted Q2 EPS of $2.05, one cent short of our $2.06 forecast, but in line with sell-side consensus (according to Consensus Metrix) of $2.05. However, investor eyes may be more focused on the robust Q2 same-store sales trends across the board.
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