Oak Brook, Ill.—June 17, 2002—McDonald's Corp. announced that it expects its second quarter results to rise for the first time in six consecutive declining quarters. Jack Greenberg, Chairman and Chief Executive Officer, noted, "We expect earnings per share to be $.38 to $.39, compared with $.34 in 2001. For the year, we expect annual earnings per share to be in the range of $1.47 to $1.52, excluding charges in the first quarter."
Greenberg's news caused McDonald's stock to rise 76 cents to $29.88 per share. The company's strong gains gave the market a much needed boost.
McDonald's credits strong European sales, which rose 9 percent in the first two months of the quarter, for the encouraging earnings forecast. European sales are on track for high single-digit revenue growth. The company also expects operating income to grow in the high single digits to low double digits for 2002.
"Last year, sales in Europe were down to a number of issues such as the Mad Cow scare. The comps were not great. Business has recovered and then some," said a spokeswoman for McDonald's told reporters.
News and information presented in this release has not been corroborated by WTWH Media LLC.