RTTNews | Jul 28, 2021 07:22AM EDT

07:22 Wednesday, July 28, 2021 (RTTNews.com) - Fast-food giant McDonald's Corp. (MCD) reported Wednesday that net income for the second quarter soared to $2.22 billion or $2.95 per share from $483.8 million or $0.65 per share in the prior-year quarter.

Excluding items, adjusted earnings per share was $2.37, compared to last year's $0.66.

On average, 29 analysts polled by Thomson Reuters expected the company to report earnings of $2.08 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter surged 57 percent to $5.89 billion from $3.76 billion in the same quarter last year, and it was up 49 percent in constant currencies. Analysts expected revenues of $5.53 billion for the quarter.

Global comparable sales increased 40.5 percent and increased 6.9 percent on a 2-year basis, reflecting sequential acceleration and continued broad-based business momentum. Comparable sales increased across all segments on a 2-year basis.

Systemwide sales increased 48 percent or 42 percent in constant currencies.

Results for the quarter reflected stronger operating performance across all segments due to higher sales-driven restaurant margins as a result of fewer restaurant closures and the easing of COVID-19 restrictions compared with the prior year.

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