McDonald’s (NYSE:MCD) earnings for first quarter of 2020 have MCD stock dipping lower on Thursday. This comes after reporting diluted earnings per share (EPS) of $1.47. That’s below Wall Street’s estimate of $1.57 per share. Despite this, the fast-food company’s revenue of $4.71 billion is better than analysts’ estimates of $4.65 billion.
Let’s check out some additional details from the most recent McDonald’s earnings report below.
- Diluted per-share earnings are down 15% from $1.72 during the same time last year.
- Revenue for the quarter comes in 6% lower than the $5.02 billion reported in the first quarter of 2019.
- Operating income of $1.69 billion is a 19% decrease year-over-year from $2.09 billion.
- The McDonald’s earnings report also has it bringing in a net income of $1.11 billion.
- That’s a 17% drop compared to its net income of $1.33 billion in the same period of the year prior.
Chris Kempczinski, president and CEO of McDonald’s, said this about the Q1 earnings:
“Following our strong performance in 2019, McDonald’s began 2020 with exceptional global momentum, and our January and February sales were reflective of that trend. Since then, the global crisis caused by the COVID-19 pandemic has significantly disrupted our business, and we continue to operate in a very challenging and unpredictable environment.”
The McDonald’s earnings report doesn’t include an outlook for 2020. That makes sense with the current chaos caused by the novel coronavirus. Many other companies are also withholding 2020 guidance due to this.
MCD stock was down about 1% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.