McDonald’s the world’s largest restaurant company, on Wednesday reported a sharp rise in quarterly earnings after recording a large gain for last year’s spinoff of the Chipotle Mexican Grill chain.
The world’s largest restaurant company also said that it plans to spend $1.9 billion in 2007 to open about 800 restaurants and revamp existing locations.
Fourth-quarter net income was $1.24 billion, or $1 per share, compared with $608.5 million, or 48 cents a share, a year ago.
Excluding the Chipotle gain, McDonald’s earned 61 cents a share, matching the better-than-expected forecast of 61 cents a a share the company gave last week.
McDonald’s has been on a hot streak since implementing an aggressive turnaround strategy in 2003 that included adding higher-priced menu items such as salads and chicken sandwiches, extending restaurant hours, and allowing customers to pay for meals with credit cards.
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