Industry News | July 24, 2002

McDonald's Breaks Six Quarter Losing Streak

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Despite lackluster sales in the States, McDonald's Corp. was able to announce that after six consecutive quarters of declining quarterly earnings, the company's net income actually increased, by 15 percent from same time last year.

"Earnings per share for the second quarter 2002 increased 15percent to $.39, the high end of our previous guidance, compared with $.34 reported for the same period last year," Jack M. Greenberg, McDonald's chairman and chief executive officer said."

The quarter's earnings matched the high end of June's company forecast of $.38 to $.39. Wall Street predicted $.38.

Greenberg also noted that despite " weak economic conditions and in Japan, by consumer concerns about food safety," the company's Asia/Pacific/Middle East/Africa (APMEA) segment, Australia delivered what he termed "strong results". (Sales in that segment declined 6 percent for the quarter and 4 percent year-to-date.)