Arcos Dorados $ARCO stock has had a near parabolic move higher into a steeper uptrend channel as of December 26, 2022. The stock is in a technical strong uptrend.
In the weekly time frame, Arcos Dorados stock is testing a key resistance zone from $8.20 to $8.44. A breakout above this level would be a major psychological victory for Bulls.
Back on November 16, 2022, when Arcos Dorados reported results for Q3 2022, they smashed EPS and revenue estimates. Arcos Dorados reported Q3 EPS of 23c versus the consensus estimate of 11c. The company reported Q3 revenue of $916.30 million versus the consensus estimate of $902.19 million.
Marcelo Rabach, Chief Executive Officer said, “When 2022 began, we estimated unit growth potential of about one thousand additional McDonald’s locations over the next ten years in our footprint. With higher sales per restaurant and above average returns on investment from recent openings, I believe our estimate was conservative. The pipeline for the next few years is now in view and we see an opportunity to accelerate unit growth even further.”
The operations of Arcos Dorados Holdings, a McDonald’s franchisee, are split among Brazil, North Latin America, South Latin America, and the Caribbean. Additionally, it manages quick service eateries in the Caribbean and Latin America. It conducts business in a number of Latin American and Caribbean nations, including Venezuela, Aruba, French Guiana, Guadeloupe, Martinique, French Guiana, Aruba, Brazil, Chile, Colombia, Costa Rica, Cura’ao, Ecuador, Mexico, Panama, Peru, Puerto Rico, Uruguay, and the US Virgin Islands of Saint Croix and Saint Thomas. Buenos Aires, Argentina serves as the corporate headquarters of Arcos Dorados Holdings.