McDonald’s says its profit dropped 23 percent in the fourth quarter due to a tax benefit that inflated year-ago results, but strong same-store sales helped the hamburger chain beat Wall Street expectations.
The Oak Brook, Ill.-based chain said Monday its earnings fell to $985.3 million, or 87 cents per share, from $1.27 billion, or $1.06 per share.
The year-ago quarter included a tax benefit of 33 cents per share. Excluding that, the company’s profit was 73 cents per share.
Analysts surveyed by Thomson Reuters expected profit of 83 cents per share on revenue of $5.70 billion.
Revenue fell 3 percent to $5.57 billion from $5.75 billion.
Global sales at stores open at least a year jumped 7.2 percent while those sales in the U.S. rose 5 percent.