McDonald's beats big on earnings

McDonald's just reported first-quarter earnings, and it absolutely crushed it.

The fast-food company posted adjusted earnings per share (EPS) of $1.23, on revenues of $5.90 billion.

Analysts had estimated adjusted EPS of $1.16 on revenues of $5.81 billion, according to Bloomberg.

McDonald's same-store sales - at locations open for at least one year - rose 6.2%, topping the forecast for 4.5%.

In the fourth quarter, McDonald's results showed that its turnaround strategy, including all-day breakfast and management restructuring, was paying off. Its same-store sales rose for the first time in two years in the third quarter.

The company's shares rose by as much as 2% in pre-market trading.

More to come ...