UPDATE: Papa John's Shares Drop On Weak FY15 Outlook

Shares of Papa John's International, Inc.

tumbled over 3.5% in after-hours trading, despite the company reporting better-than-expected financial results for the fourth quarter. The company's weak forecast for the full year exerted pressure on the shares. The Louisville, Kentucky-based company posted quarterly net income of $21.2 million, or $0.52 per share, up from $18.8 million, or $0.41 per share, in the year-ago quarter. Its revenue rose 9.7% year-over-year to $425.5 million, from $387.9 million. However, analysts were expecting earnings of $0.50 per share on revenue of $411.67 million. System-wide comparable sales climbed 4.1% for North America, while international system-wide comparable sales surged 8.9% in the quarter. Domestic company-owned restaurant sales climbed 8.8% in the quarter. North America franchise royalty revenue rose around 11.3%, while domestic commissary sales gained 5.6%. International revenue surged 6.6% for the fourth quarter. Papa John's founder, chairman, president and CEO, John Schnatter said, "In 2015, we will continue to steadily grow the Papa John's brand by leveraging our digital advantage, expanding our global footprint, and most important, consistently delivering a demonstrably better pizza." Papa John's projects FY15 earnings of $1.98 to $2.06 per share, versus analysts' estimates of $2.10 per share. It also expects total consolidated revenue to rise 3% to 5% in the year. Papa John's shares dropped 3.62% to $62.91 in after-hours trading.