NEW YORK (CNN/Money) - McDonald's Corp. posted a slight drop in first-quarter earnings as it edged past Wall Street expectations for the period.

Shares of McDonald's (MCD: up $0.99 to $16.80, Research, Estimates) rose more than 6 percent Monday to become the largest percentage gainer on the Dow Jones industrial average.

The world's largest restaurant chain earned $364.2 million, or 29 cents a share, excluding special items, down from $394.7 million, or 31 cents a share, earned on that basis a year earlier. Earnings tracker First Call's consensus analysts' forecast was for earnings of 28 cents a share.

"I certainly am not satisfied with our results this quarter," CEO Jim Cantalupo said. "Yet, I am confident we are getting the business back on track." Cantalupo said the company will continue with plans to concentrate on growing sales from existing restaurants rather than opening new locations.

Including special items, net income came to $327.4 million, or 26 cents a share, up from $253.1 million, or 20 cents, a year earlier. It marked a return to profitability for the company, which in the fourth quarter posted its first net loss as a public company.

Revenue increased to $3.8 billion from $3.6 billion a year earlier. First Call's revenue forecast was $3.64 billion. Sales were helped by changes in currency exchange rates, which brought revenue up 6 percent rather than the 1 percent rise it would have seen in constant currency. Systemwide sales, which include sales at franchisee-owned locations, increased 5 percent to $10.2 billion from $9.7 billion a year earlier.

"They have a long way to go to get their cost items back in line," said Charles Janisch, an analyst with Madison, Wis.-based Thomson Plumb Investment Management, which owns 892,000 McDonald's shares. "We feel hopeful they can get capex (capital expenditures) to a more reasonable level...and get back to the business of creating quality fast food."

Janisch and other analysts said they hope McDonald's will commit to pulling further away from the aggressive price discounting that has eroded profits in the United States. Since late last year, McDonald's and Burger King, the No. 2 hamburger maker, have engaged in a price war to lure back customers.  

-- from staff and wire reports