McDonald’s Warns Of Lower Earnings
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McDonald’s Corp., already coming off lower profit in its last two quarters, warned that earnings in the current quarter will be lower than expected due to the lingering beef slump in Europe and weak global economy.
The announcement came less than two months after McDonald’s officials said they thought they were over the worst of the slump, most notably mad-cow and foot-and-mouth disease fears in Europe.
McDonald’s said it expects earnings of 34 to 35 cents a share in its second quarter, short of the 38 cents analysts expected. The Oak Brook, Ill.-based company’s shares fell $1.29 to close at $28.67 on the NYSE.
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