Coverage

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Starbucks Corp. (SBUX)
Mark Kalinowski

SBUX (Post-Call): Company Cautions on Fiscal Q3 Margins and EPS Growth

After today’s (Tuesday’s) market close, Starbucks reported fiscal second quarter (calendar first quarter) adjusted EPS of $0.74. This exceeded our $0.64 forecast and sell-side consensus (according to Consensus Metrix) of $0.65. Management attributes the EPS beat largely to a better-than-expected recovery in China.

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McDonald's Corp (MCD)
Mark Kalinowski

MCD (Post-Call): Who is Ronald McDonald’s Favorite Rock Star? McJagger

Earlier this morning, McDonald’s reported its Q1 adjusted EPS amounted to $2.63, meaningfully above our $2.40 projection and sell-side consensus (according to Consensus Metrix) of $2.33. We calculate that the adjusted tax rate came to 19.4%, which was more favorable than our 21.0% estimate and consensus of 21.0%. By our math, the more favorable tax rate added about +5 cents to adjusted EPS, relative to our estimate.

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