Benzinga - by Avi Kapoor, Benzinga Staff Writer.
McDonald’s Corp (NYSE:MCD) reported mixed first-quarter results on Tuesday.
McDonald’s reported first-quarter FY24 sales growth of 4.6% year-on-year to $6.17 billion, beating the analyst consensus estimate of $6.155 billion. Adjusted EPS of $2.70 missed the consensus estimate of $2.72, according to data from Benzinga Pro.
Global comparable sales rose 1.9%, marking 13 consecutive quarters of positive comparable sales growth.
U.S. comparable sales rose 2.5%, and systemwide sales increased 3%. Sales by company-owned and operated restaurants increased 6% Y/Y to $2.35 billion, while sales from franchised restaurants rose 4% to $3.72 billion.
"As consumers are more discriminating with every dollar that they spend, we will continue to earn their visits by delivering leading, reliable, everyday value and outstanding execution in our restaurants," said CEO Chris Kempczinski.
McDonald’s said it sees FY24 operating margin to be in the mid-to-high 40% range; capital expenditure of $2.5 billion – $2.7 billion.
McDonald’s shares fell 0.2% to close at $273.04 on Tuesday.
These analysts made changes to their price targets on McDonald’s following earnings announcement.
- Baird cut the price target on McDonald’s from $305 to $300. Baird analyst David Tarantino maintained an Outperform rating.
- Wedbush lowered the price target on McDonald’s from $300 to $295. Wedbush analyst Nick Setyan maintained an Outperform rating.
- BMO Capital cut the price target on McDonald’s from $335 to $330. BMO Capital analyst Andrew Strelzik maintained an Outperform rating.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.