(RTTNews) - Fast-food giant McDonald's Corp. (MCD) reported Tuesday a 68 percent decline in net income for the second quarter to $483.8 million from last year's $1.52 billion, with earnings per share decreasing 67 percent to $0.65 from $1.97 in the previous year.
Excluding strategic charges, adjusted earnings per share was $0.66, compared to last year's $2.05.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined 30 percent to $3.76 billion from $5.41 billion in the same quarter last year, and it was down 29 percent in constant currencies. Analysts expected revenues of $3.68 billion for the quarter.
Global comparable sales declined 23.9 percent. Systemwide sales decreased 24 percent or 23 percent in constant currencies.
Results for the quarter reflected sales performance declines due to temporary restaurant closures, limited operations and dramatic changes in consumer behavior as a result of COVID-19.
Looking ahead, the company had withdrawn its guidance for the full-year 2020 and its long-term outlook in April, due to the uncertainty related to the impact of COVID-19 on global economic conditions and the company's business operations.
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