McDonald’s Posts Higher 3rd-Quarter Profit

McDonald’s Corp. said its third-quarter earnings edged up 2%, primarily driven by restaurant expansion overseas. The dollar’s strength limited the gains. The world’s largest fast-food chain earned $448.9 million, or 64 cents a share, from $440.6 million, or 62 cents, in the comparable period a year ago. Wall Street had expected earnings per share of 67 cents. Revenue rose 8% to $3 billion from $2.8 billion. Systemwide sales, which include sales at both company-owned and franchised restaurants, rose 6% to $8.79 billion from $8.29 billion. Though the results set a record for the period, the strong dollar negatively affected earnings and is likely to do so again in the fourth quarter, said Michael Quinlan, the company’s chairman and chief executive. U.S. sales increased primarily because of restaurant expansion. The company reported sales at stores open at least a year, an industry measure of performance, were “positive” but did not provide a percentage figure. McDonald’s shares rose 88 cents to close at $46.25 on the New York Stock Exchange.