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McDonald's Lifts Profit Estimate for Quarter

IN BRIEF / EARNINGS

October 14, 2004|From Associated Press

McDonald's Corp. said its third-quarter profit would come in well above Wall Street estimates, reflecting a sales resurgence in its U.S. restaurants that remained in full force.

The announcement prompted the latest jump in McDonald's stock, which has doubled since the company began reviving flagging sales and earnings in spring 2003. Shares rose $1.31 to $28.86 on the New York Stock Exchange.

The fast-food giant said its per-share profit for the quarter would top last year's by about 42%, largely because of gains in September sales.

Its earnings estimate of 61 cents a share beat Wall Street's average estimate by 5 cents, after excluding a tax benefit.

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