Wendy's Co. Guides FY22 Adj. EPS In Line; Q4 Results Top Estimates
(RTTNews) - While reporting financial results for the fourth quarter on Wednesday, The Wendy's Co. (WEN) initiated its adjusted earnings and global systemwide sales growth guidance for the full-year 2023. The company also initiated long term systemwide sales growthoutlook in the mid-single digits for 2024-25.
For fiscal 2023, the company now projects adjusted earnings in a range of $0.95 to $1.00 per share on global systemwide sales growth of 6 to 8 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.00 per share on revenue growth of 3.3 percent to $2.16 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company reported that net income decreased to $41.3 million or $0.19 per share from $52.1 million or $0.24 per share in the prior-year quarter. Excluding items, adjusted earnings per share were $0.22 per share, compared to $0.16 per share last year.
Total revenues for the quarter grew 13.4 percent to $536.5 million from $473.2 million in the same quarter last year. Adjusted revenue increased 15.5 percent to $431.3 million from last year. Same-restaurant sales growth was 6.4 percent.
The Street was looking for earnings of $0.20 per share on revenues of $534.65 million for the quarter.
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