McDonald's beats on earnings after slashing prices on soda and coffee

McDonalds

(McDonalds' Facebook)

McDonald's on Tuesday reported second-quarter profits and sales that were stronger than analysts had forecast, sending its shares to a record intraday high.

The fast-food chain's US sales were boosted by its discounted offering of any size of soft drink for $1 and McCafe beverages for $2, as well as new sandwiches, according to the earnings statement.

Sales at US stores open for at least one year rose 3.9%, topping the forecast for growth by 3.2% according to Bloomberg. Adjusted earnings per share came in at $1.70 versus $1.62 forecast.

"What this shows is that this is a business that had been in turnaround mode under new CEO Steve Easterbrook and we are starting to see some of these positive results now both domestically and internationally, which is very encouraging," said Trip Miller, managing partner at Gullane Capital Partners, in a note.

McDonald's shares rose by as much as 3% to a record intraday high. They gained 25% this year through the market close on Monday.

"We delivered our strongest global comparable sales and guest count results in more than five years," Easterbrook said.

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(Markets Insider)

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