McDonald's Corporation (MCD) Q3 2022 Earnings Call Transcript

McDonald's Corporation (NYSE:MCD) Q3 2022 Earnings Conference Call October 26, 2022 8:30 AM ET

Company Participants

Mike Cieplak - IR

Chris Kempczinski - President and CEO

Ian Borden - CFO

Conference Call Participants

John Glass - Morgan Stanley

Dennis Geiger - UBS

Eric Gonzalez - KeyBanc

David Tarantino - Baird

Lauren Silberman - Credit Suisse

Jared Garber - Goldman Sachs

Andrew Charles - Cowen

Chris Carril - RBC

Jeff Bernstein - Barclays

John Ivankoe - JPMorgan

Brian Bittner - Oppenheimer

David Palmer - Evercore ISI

Greg Francfort - Guggenheim

Operator

Hello, and welcome to the McDonald's Third Quarter 2022 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. Following today’s presentation, there will be a question-and-answer session for investors. [Operator Instructions]

I would now like to turn the conference over to Mr. Mike Cieplak, Investor Relations Officer for McDonald's Corporation. Mr. Cieplak, you may begin.

Mike Cieplak

Good morning, everyone, and thank you for joining us. With me on the call today are President and Chief Executive Officer, Chris Kempczinski; and Chief Financial Officer, Ian Borden.

As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website as our reconciliations of any non-GAAP financial measures mentioned on today's call, along with their corresponding GAAP measures. Following prepared remarks this morning, we will take your questions. Please limit yourself to one question and reenter the queue for any additional questions. Today's conference call is being webcast and is also being recorded for replay via our website.

And now, I'll turn it over to Chris.

Chris Kempczinski

Thanks, Mike, and good morning. I'm proud to report that our Q3 performance demonstrated our broad-based business momentum against an evolving macroeconomic backdrop. McDonald's unmatched scale and operational resilience powered by our three legged stool has enabled us to deliver strong results this quarter.

Global comp sales were up nearly 10% and most of our major markets are growing share which gives us confidence that we are operating from a position of strength even during difficult times. As the macroeconomic landscape continues to evolve and uncertainties persist, we continue to consider a wider range of scenarios as we look ahead. As I've said before, our base case scenario going forward is that we expect to experience a mild to moderate recession in the U.S., and one that will be potentially a little deeper and longer in Europe. That said we operate in more than 100 countries around the world in varying economic environments. This has provided our team's valuable experience as McDonald's has proven to be successful in just about any business environment.