Arcos Dorados Q3 Earnings Beat Estimates

Arcos Dorados Holdings Inc ARCO reported third-quarter FY22 sales growth of 27% year-on-year to $921.7 million, beating the consensus of $902.19 million.
Excluding Venezuela, Consolidated revenue totaled $916.3 million, rising 26.7% in U.S. dollars and 38.9% in constant currency.
Systemwide comparable sales grew 34.2% Y/Y, Excluding Venezuela, driven primarily by higher guest traffic and market share gains across the region.
The operating margin was 8%, and the operating income for the quarter was $73.9 million.
Adjusted EBITDA for the quarter was $102.65 million with an adjusted EBITDA margin of 11.2%, down 120 basis points versus last year.
EPS of $0.22 beat the analyst consensus of $0.11.
The company held $319.1 million in cash and equivalents as of September 30, 2022.
Price Action: ARCO shares are trading higher by 7.67% at $7.86 on the last check Wednesday.