Wendy's Co. Q2 Adj. EPS Tops View; Maintains Fy23 Outlook
(RTTNews) - The Wendy's Co. (WEN) reported Wednesday that net income for the second quarter increased to $59.63 million or $0.28 per share from $48.15 million or $0.22 per share in the prior-year quarter. Excluding items, adjusted earnings per share were $0.28 per share, compared to $0.24 per share last year.
Total revenues for the quarter grew 4.4 percent to $561.57 million from $537.78 million in the same quarter last year. Adjusted revenue increased 4.4 percent to $451.77 million from last year. Same-restaurant sales growth was 5.1 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share on revenues of $566.95 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company continues to project adjusted earnings in a range of $0.95 to $1.00 per share on global systemwide sales growth of 6 to 8 percent.
The Street is looking for earnings of $0.98 per share on revenues of $2.21 billion for the year.
The company also maintained its long-term outlook for 2024-2025 for systemwide sales growth in the mid-single digits.
The Company also declared its regular quarterly cash dividend of 25 cents per share, payable on September 15, 2023, to shareholders of record as of September 1, 2023.
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