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CHICAGO (AP) – More hungry diners gobbling its cheap eats helped McDonald’s Corp.’s sales and profit grow in its fourth quarter, the company said Friday in an earnings report showing it continued to weather the downturn better than many competitors.
For the three months that ended Dec. 31, the world’s largest burger chain earned $1.22 billion, or $1.11 per share. That’s 23 percent more than a year earlier when it earned $985.3 million, or 87 cents per share. The results included a one-time benefit of 8 cents per share.
Revenue climbed 7 percent to $5.97 billion from $5.57 billion.
Analysts surveyed by Thomson Reuters, who typically exclude one-time items, expected McDonald’s to earn $1.02 per share on revenue of $5.94 billion.
For the full year, McDonald’s profit climbed 6 percent to $4.55 billion, or $4.11 per share. Its revenue slipped 3 percent to $22.74 billion.
McDonald’s is based in the Chicago suburb of Oak Brook, Ill.
Its shares climbed 26 cents to $63.46 in pre-market trading Friday. They closed Thursday at $63.20.