McDonald’s Q2 profit soars, with results topping estimates

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McDonald's
McDonald's

Fast-food giant McDonald’s reported on Wednesday that net income for the second quarter soared to 2.22 billion dollars, or 2.95 dollars per share, from 483.8 million dollars or 65 cents per share in the prior-year quarter.

Excluding items, adjusted earnings per share was 2.37 dollars, compared to last year’s 66 cents.

On average, 29 analysts polled by Thomson Reuters expected the company to report earnings of 2.08 dollars per share for the quarter.

Analysts’ estimates typically exclude special items.

Total revenues for the quarter surged 57 per cent to 5.89 billion dollars from 3.76 billion dollars in the same quarter last year, and it was up 49 per cent in constant currencies.

Analysts expected revenues of 5.53 billion dollars for the quarter.

Global comparable sales increased 40.5 per cent and increased 6.9 per cent on a two-year basis, reflecting sequential acceleration and continued broad-based business momentum.

Comparable sales increased across all segments on a two-year basis.

Systemwide sales increased 48 per cent or 42 per cent in constant currencies.

Results for the quarter reflected stronger operating performance across all segments due to higher sales-driven restaurant margins as a result of fewer restaurant closures and the easing of Covid-19 restrictions compared with the prior year.

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