McDonald's (MCD 138.32, +4.09) has jumped 3.1% in pre-market after beating first quarter expectations. The early jump has placed the stock at a fresh all-time high.
The fast food giant reported above-consensus first quarter earnings of $1.47 per share on revenue of $5.68 billion, which fell 3.9% year-over-year, but was ahead of market expectations.
The first quarter report showed the 11th consecutive decline in revenue, but McDonald's has now beat bottom-line expectations for eight consecutive quarters.
Global comparable sales increased 4.0% year-over-year, which was well ahead of the company's estimates for growth of 1.5%. It is worth noting that the first quarter had one fewer operating day than the same quarter one year ago.
U.S. comparable sales rose 1.7%, drawing continued strength from the launch of All Day Breakfast. The results have been supported by adjustments to the company's value menu options and sales of different sized Big Mac sandwiches. Segment operating income jumped 13.0%.
International Lead segment sales grew 2.8% year-over-year due to continued momentum in the U.K. and successful launch of All Day Breakfast in Canada. Segment operating income increased 2.0%.
High Growth segment sales rose 3.8% due to a strong showing in China and positive results across the segment. Segment operating income surged 36.0% with roughly half of the increase due to lower depreciation expense due to the accounting treatment of the pending sale of businesses in China and Hong Kong.