Wendy's Clocks 13.4% Preliminary Top-Line Growth In Q4; Doubles Dividend; Redesigns Organization

Loading...
Loading...
  • Wendy's Co WEN said it expects fourth-quarter FY22 revenue of $536.5 million and adjusted revenues of $431.3 million, representing 13.4% and 15.5% Y/Y growth, respectively.
  • Wendys anticipates Q4 operating profit of $84 million, a 9.2% rise and adjusted EBITDA of $123.5 million, a 20.3% increase Y/Y.
  • The fast-food restaurant chain sees FY22 revenue of $2.09 billion and adjusted revenue to grow 12.1% to $1.7 billion.
  • It expects FY22 operating profit of $353.3 million, a 3.7% decline, and an adjusted EBITDA of $497.8 million.
  • The company announced a 100% increase in its regular quarterly cash dividend to $0.25.
  • Wendy's Board of Directors has approved a new $500 million share repurchase authorization, expiring in February 2027.
  • Organizational Redesign: The company said it intends to embark on a broader redesign of its organizational structure. It anticipates its 2023 and 2024 G&A to be relatively flat versus 2022, despite elevated inflationary pressures. 
  • The company eliminated the role of President, U.S., and Chief Commercial Officer, and as a result, Kurt A. Kane will depart the organization.
  • Leigh A. Burnside, the company's Senior Vice President, Chief Accounting Officer and Chief Financial Officer U.S., provided notice of her intention to resign to become the CFO at another restaurant company.
  • The company has appointed Suzanne M. Thuerk, currently Vice President – Accounting, as its Chief Accounting Officer, effective January 20, 2023.
  • WEN will release Q4 and FY22 earnings on March 1, 2023.
  • Also ReadWendy's Stable Same-Store Sales Prompts 8% Price Target Hike By This Analyst
  • Price Action: WEN shares are trading lower by 1.29% at $21.50 in premarket on the last check Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceDividendsBuybacksGeneralBriefs
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!

Loading...