On Tuesday, McDonald's Corp. (NYSE: MCD) announced its financial results for the first quarter ended March 31, 2017, with earnings and revenue beating estimates. Shares of the company increased 2.4% in pre-market trading Tuesday.
According to the report, revenue in the first quarter was $5.68 billion, beating expectation of $5.53 billion. Diluted earnings per share increased 18% to $1.47 per share, also surpassing estimates of $1.33 per share. In addition, domestic same-store sales increased 1.7% in the first quarter, which was better than the expected decline of 0.8%. Comparable sales were up 4% globally.
The company said that the better-than-expected financial results were owing to the expansion of all-day breakfast menu and the Big Mac promotional campaign.
“Our efforts to build a better McDonald's are yielding meaningful results with continued positive momentum and a strong start to 2017 that includes positive comparable sales across all segments, higher global guest counts and enhanced profitability,” Steve Easterbrook, the President and Chief Executive Officer of McDonald's, said in the statement.
“We're challenging ourselves to identify and pursue initiatives that can bring the biggest benefit to the most customers in the shortest possible time. I'm confident that we're on the right path and well-positioned to unlock incremental growth and deliver against our Velocity Growth Plan for 2017 and beyond,” Steve said.