Arcos Dorados Holdings (NYSE:ARCO), the world's largest McDonald's franchisee, has disclosed its first quarter 2024 financial results.

For the quarter ending March 31, 2024, the company reported revenue of $1.1 billion, marking an increase from the $990 million recorded in the corresponding quarter of 2023.

This increase is attributed to robust sales in company-operated restaurants which amounted to over $1 billion, up from the previous year's $946 million.

Furthermore, franchised restaurant revenues also saw an uptick, rising from $44 million in Q1 2023 to approximately $50 million in the current reporting period.

Operating income for the quarter rose modestly, reaching $67.5 million compared to $66.2 million in the first quarter of 2023.

Additionally, net income for the quarter came it $28.8 million, a decline from the $37.6 million reported in the corresponding period last year.

Meanwhile, the company reported that it opened 22 restaurants in the quarter, including 19 free-standing locations.