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McDonald's Corporation (MCD-0.89%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $6,873 million from $6,692 million in the same quarter the previous year. This increase is attributed to positive sales performance in the U.S. and International Operated Markets segments.
Operating income for the quarter was $3,188 million, down from $3,208 million in the previous year. The decrease is due to restructuring charges and transaction costs associated with the sale of McDonald's business in South Korea and the acquisition of McDonald's business in Israel.
Net income for the quarter was $2,255 million, down from $2,317 million in the previous year. Diluted earnings per share decreased to $3.13 from $3.17.
Franchised restaurant margins represented approximately 90% of restaurant margin dollars, with U.S. and International Operated Markets segments showing sales-driven growth.
Company-owned and operated margins reflected ongoing inflationary cost pressures, with a decrease in the U.S. and International Operated Markets segments.
Selling, general, and administrative expenses decreased by 5% for the quarter, primarily due to lower incentive-based compensation.
Cash provided by operating activities was $6,816 million for the nine months ended September 30, 2024.
McDonald's had a working capital of $4,912 million as of September 30, 2024. The company continues to focus on its Accelerating the Arches growth strategy, which includes digital, delivery, drive-thru, and restaurant development.
The filing also details various financial agreements, including the company's increased ownership stake in McDonald's China business and the acquisition of McDonald's business in Israel.
McDonald's does not anticipate any significant changes in its capital expenditures for the remainder of 2024, with expectations to open more than 2,100 new restaurants globally.
The company identified no material changes to its risk factors, maintaining a focus on addressing challenges related to global market conditions and regulatory compliance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the McDonald's Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.