McDonald’s Shares Soar as Easterbrook Turnaround Takes Hold
- U.S. same-store sales rise 0.9 percent, the most in two years
- Shares surge most in almost seven years in New York trading
McDonald’s Turnaround Plan on Track
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McDonald’s Corp. shares soared the most in almost seven years after third-quarter profit topped analysts’ estimates, showing Chief Executive Officer Steve Easterbrook’s plan to turn around the world’s largest restaurant chain is gaining traction.
Net income in the quarter rose 23 percent to $1.31 billion, or $1.40 a share, the Oak Brook, Illinois-based company said in a statement Thursday. Analysts estimated $1.27, on average. And while revenue fell 5.3 percent to $6.62 billion, that beat analysts’ $6.41 billion average projection.