Shares of fast-food giant McDonald's (NYSE: MCD) fell on Monday after the company reported financial results for the fourth quarter of 2023. The results were solid, but management's guidance for 2024 wasn't up to the market's expectations. As of 10:30 a.m. ET, McDonald's stock was down about 3.5%.

In 2023, the company enjoyed global same-store-sales (comparable-sales) growth of 9%, which is quite good for a company this large and mature. These strong sales numbers also substantially boosted the company's profitability. For 2023, it had diluted earnings per share (EPS) of $11.56, which was a record high and up 39% year over year.

However, the outlook for McDonald's in 2024 isn't quite as cheery. Much of the company's comparable-sales growth resulted from raising menu prices, which isn't a lever it can pull all the time. The company consequently expects growth to slow to a low-single-digit rate in the coming year. Moreover, it expects its operating-profit margin to be flat in the coming year.

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Source Fool.com