UPDATE: Wendy's Q3 Profit Misses Estimates

The Wendy's Company (NASDAQ: 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.