The Wendy's Company WEN reported weaker-than-expected earnings for the third quarter.
The Dublin, Ohio-based company posted a quarterly net profit of $22.8 million, or $0.06 per share, versus a year-ago loss of $1.9 million, or $0.00 per share. Excluding non-recurring items, the company's adjusted earnings came in at $0.08 per share.
Its total revenue dropped 20% to $512.5 million. However, analysts were expecting earnings of $0.09 per share on revenue of $516.27 million.
The company-operated same-store sales rose 2% in the quarter, versus analysts' expectations for a 2.4% growth.
Adjusted EBITDA slipped 4.7% to $94.1 million in the quarter, while operating profit rose to $46.9 million from $26.8 million.
"The third quarter was challenging, but our strategic brand initiatives remain on track, as we opened our 600th Image Activation restaurant in October," President and Chief Executive Officer Emil Brolick said.
Wendy's reaffirmed its outlook for the full year.
Wendy's shares fell 1.04% to close at $8.06 yesterday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in