Despite lingering economic weakness and competitive pressures, McDonald’s (NYSE:MCD) fed investors some good news with its latest financial results.
On Wednesday, the world’s largest restaurant chain announced better-than-expected fourth quarter profit. Net income increased to $1.4 billion ($1.38 per share), compared to $1.38 billion ($1.33 per share) a year earlier. Revenue also edged higher to $6.95 billion from $6.82. Analysts had expected the company to report earnings of $1.33 per share, with revenue of $6.89 billion, according to Thomson Reuters.
Shares of McDonald’s edged higher in morning trading to reach its highest level since mid-October. Other fast-food names such as Yum! Brands (NYSE:YUM) and Wendy’s (NYSE:WEN) also traded higher. Meanwhile, Domino’s Pizza (NYSE:DPZ) and Burger King Worldwide (NYSE:BKW) traded lower.
Will the momentum last…