McDonald's reports 3 percent profit rise in 4Q

McDonald's Corp. reported that its fourth-quarter profit rose 3 percent due to income tax benefits and another period of strong sales at stores open at least a year.

Photo: McDonald's reports 3 percent profit rise in 4Q

McDonald's reports 3 percent profit rise in 4Q

The company’s net income rose to $1.27 billion, or $1.06 per share for the quarter ending Dec. 31 compared to $1.24 billion, or $1 per share, a year ago.

McDonald's earned 73 cents per share – beating analysts expectations.

Its revenue increased to $5.75 billion from $5.45 billion.

McDonald's Corporation is the world's largest chain of fast food restaurants, primarily selling hamburgers, cheeseburgers, chicken products, french fries, breakfast items, soft drinks, milkshakes and desserts. More recently, it also offers salads, fruit, snack wraps, and carrot sticks.

McDonald's restaurants are found in 120 countries and territories around the world and serve nearly 54 million customers each day. The company also operates other restaurant brands, such as Piles Café, and has a minority stake in Pret a Manger. The company owned a majority stake in Chipotle Mexican Grill until completing its divestment in October 2006. Until December 2003, it also owned Donatos Pizza. On August 27, 2007 , McDonald's sold Boston Market to Sun Capital Partners. It also has a subsidiary, Redbox, which started in 2003 as 18-foot (5.5 m) wide automated convenience stores, but as of 2005, has focused on DVD rental machines.