McDonald's Corp. reported third-quarter sales and diluted EPS Oct. 22 that fell below Street expectations.
The restaurant chain posted diluted EPS for the quarter ended Sept. 30 of $2.11, slightly up from $2.10 in the year-ago period and below the S&P Global Market Intelligence GAAP EPS estimate for the quarter of $2.22.
Net income for the quarter came in at $1.61 billion, a 2% drop from the previous year. Analysts expected McDonald's to post $1.69 billion in GAAP net income, according to Market Intelligence.
Revenue rose 1% year over year to $5.43 billion, below analysts' revenue estimates of $5.47 billion for the quarter, according to Market Intelligence. Global comparable sales grew 5.9%, McDonald's said.
The fast-food giant also returned $2.4 billion to shareholders through stock buybacks and dividends during the quarter, executives said.
Shares in McDonald's dropped 3.4% in early trading Oct. 22 to $202.81. The company reported earnings before U.S. markets opened.