McDonald's (MCD) CEO Don Thompson on Q3 2014 Results - Earnings Call Transcript

McDonald’s Corporation (NYSE:MCD) Q3 2014 Earnings Call October 21, 2014 11:00 AM ET

Executives

Chris Stent - VP, IR
Don Thompson - President & CEO
Pete Bensen - CFO

Analysts

Brian Bittner - Oppenheimer
Joe Buckley - Bank of America-Merrill Lynch
Matt DiFrisco - Buckingham
Nicole Miller Regan - Piper Jaffray
David Tarantino - Robert W. Baird
Jeff Bernstein - Barclays
Will Slabaugh - Stephens
Andy Barish - Jefferies
Jeff Farmer - Wells Fargo
Keith Siegner - UBS
Sara Senatore - Sanford Bernstein
David Palmer - RBC
John Glass - Morgan Stanley
Howard Penney - Hedgeye
John Ivankoe - JPMorgan

Operator

Hello and welcome to McDonald’s October 21, 2014 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. Chris Stent, Vice President of Investor Relations for McDonald’s Corporation. Mr. Stent, you may begin.

Chris Stent

Hello, everyone, and thank you for joining us. With me on the call are President and Chief Executive Officer, Don Thompson, and Chief Financial Officer, Pete Bensen. Today’s conference call is being webcast live and recorded for replay by phone, webcast, and podcast.

Before I turn it over to Don, I want to remind everyone that the forward-looking statements in our earnings release and 8-K filing also apply to our comments. Both documents are available at www.investor.mcdonalds.com, as are reconciliations of any non-GAAP financial measures mentioned on today’s call with their corresponding GAAP measures.

And now I’d like to turn it over to Don. Don?

Don Thompson

Thank you, Chris, and good morning, everyone. Let me start by saying that we are disappointed by our recent performance which fell short of our expectations. Global comparable sales decreased 3.3% for the quarter, operating income