McDonald’s Net Income Falls 33%
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McDonald’s Corp. reported a 33% decline in first-quarter net income to $253.1 million, or 20 cents a share, reflecting the sluggish global economy and a mad-cow scare that has hurt sales in Japan.
The fast-food chain said its operating profit of 31 cents a share beat Wall Street’s lowered expectations by 2 cents, however, citing a resurgence of sales in Europe, where consumers also had been wary of beef safety for months.
The company also said it expects to beat Wall Street’s full-year earnings estimate of $1.46. Revenue rose 2% to $3.6 billion.
McDonald’s long-languishing stock climbed $1.46, or 5.4%, to $28.62 on the NYSE.
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