-=McDonald's (MCD) reported earnings on Tue 23 Oct 2018 (b/o)

McDonald's beats by $0.11, beats on revs  Reports Q3 (Sep) earnings of $2.10 per share, $0.11 better than the S&P Capital IQ Consensus of $1.99; revenues fell 6.7% year/year to $5.37 bln vs the $5.28 bln S&P Capital IQ Consensus due to the impact of the Company's strategic refranchising initiative. Global comparable sales increased 4.2%, 70 bps above estimates, reflecting positive comparable sales in all segments. In the U.S., third quarter comparable sales increased 2.4%, driven by growth in average check resulting from both product mix shifts and menu price increases. Operating income for the quarter increased 3%, as higher franchised margin dollars and G&A savings were partly offset by lower Company-operated margin dollars. In the International Lead segment, third quarter comparable sales increased 5.4%, reflecting positive results across all markets, primarily driven by the U.K., Australia and France. The segment's operating income was flat (increased 3% in constant currencies), as sales-driven improvements in franchised margin dollars were mostly offset by the comparison to a prior year gain on the strategic sale of property in Australia. In the High Growth segment, third quarter comparable sales increased 4.6%, led by strong performance in Italy and the Netherlands, and positive results across most of the segment. In the Foundational markets, third quarter comparable sales increased 6.0%, reflecting positive sales performance in Japan and across all geographic regions.