McDonald’s third quarter earnings up

McDonald's had a higher profit for the third quarter, but expects sales to be flat this month, the company said early Monday.

Before the market opened, shares were trading at $93.75, down 1.5%.

The fast food chain's earnings of $1.52 a share narrowly beat estimates of $1.51 a share, according to Thomson Reuters.

"Our results reflect McDonald's ability to grow amid the broad-based challenges of the current environment by focusing on those areas of the business within our control," CEO Don Thompson said in a news release.

McDonald's Corp., based in Oak Brook, Ill., has been struggling to boost sales as competition heats up and eating habits change. And all this is occurring as economic conditions around the world remain challenging.

Late last year, the company saw monthly sales figure drop for the first time in almost a decade. The head of its U.S. business was replaced shortly after and the company began to focus more on value.

For the quarter, McDonald's said global sales at restaurants open at least 13 months increased 0.9%. At the same time, operating income was up 5%.

During the quarter, the U.S. had a popular Monopoly promotion and introduced Mighty Wings with a national, limited-time offer. The company says it plans to continue to focus on new chicken, beef and beverage options to boost sales and profitability.

For the fourth quarter, McDonald's said it expects global comparable sales to be relatively flat.

"While we are focused on strengthening our near-term performance, the current environment continues to pressure results," said Don Thompson.