McDonald’s Corp. MCD topped analysts’ top and bottom line expectations in its-fourth-quarter results Tuesday, despite the impact of foreign currency pressures. The company’s stock fell 1.4% before market open Tuesday. McDonald’s posted net income of $1.903 billion, or $2.59 a share, up from $1.639 billion, or $2.18 a share, in the same period last year. Analysts surveyed by FactSet were looking for earnings of $2.46 a share. The restaurant chain reported fourth-quarter sales of $5.927 billion, down from $6.009 billion in the same period last year, but above the FactSet consensus of $5.720 billion. “Results for the quarter and year were negatively impacted by foreign currency translation due to the weakening of all major currencies against the U.S. Dollar,” said McDonald’s in a statement. Same-restaurant sales were up 12.6%, above the FactSet consensus of 8.8%. In the U.S. comparable sales benefited from strategic menu price increases and positive guest counts, according to McDonald’s. “Successful menu and marketing campaigns, such as the Cactus Plant Flea Market promotion and McRib, and continued digital and delivery growth contributed to strong comparable sales results,” the company said, in the statement. Internationally, McDonald’s saw strong same-restaurant sales, citing particular strength in Germany, the U.K., France, Japan and Brazil, although there were negative comparable sales in China due to continued COVID-19 related government restrictions.
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