McDonald's beefs up its earnings

McDonald's Corp. on Tuesday said quarterly earnings rose sharply, bolstered by strong U.S. sales amid a turnaround marked by improved service, global advertising and a more diverse menu.

The largest worldwide fast-food company, whose chairman and chief executive died unexpectedly last week, said it earned $511.5 million, or 40 cents a share, in the first quarter, compared with $327.4 million, or 26 cents, in the year-earlier period.

Total revenue rose 16 percent to $4.4 billion for the quarter. Same-store sales, or those at restaurants open more than a year, rose 9.4 percent.

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McDonald's said on April 13 that first-quarter profit would likely come in at 40 cents a share, but the same day its stock fell in after-hours trading on news that European sales were weak in March.

In Tuesday's statement, however, McDonald's new CEO, Charlie Bell, said Europe's sales trends have improved "significantly" in April due to the success of a new salads menu called "Salads Plus." Bell added that U.S. sales are also strong.

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McDonald's CEO Jim Cantalupo, credited with a major turnaround in his 16 months at the company's helm, died of an apparent heart attack on April 19 in Orlando, Florida, where he was scheduled to speak at a company conference. Bell, who had been chief operating officer, was named later that day to replace Cantalupo as CEO.

Shares of McDonald's fell 12 cents, or less than 1 percent, to close at $27.20 on Tuesday on the New York Stock Exchange.