Jack in the Box Inc. (JACK) reported net earnings of $11.6 million or $0.26 per share for the third quarter, compared to $18.7 million or $0.38 per share for the year-ago quarter.
Operating earnings per share, a non-GAAP measure which the company defines as earnings per share on a GAAP basis excluding gains from refranchising and restructuring charges, were $0.37 per share for the third quarter, compared with $0.25 per share in the prior year quarter.
Revenue for the third quarter fell to $501.82 million from $519.28 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.35 per share on revenue of $509.85 million for the third quarter. Analysts' estimates typically exclude special items. Jack in the Box company same-store sales increased 3.4% in the third quarter, while Qdoba's same-store sales in the third quarter increased 3.3% for company restaurants and 2.1% system-wide.
Looking forward to the fourth quarter, the company expects same-store sales to increase about 2% to 3% at Jack in the Box company restaurants and about 1% to 2% at Qdoba system restaurants, with company restaurant same-store sales growth expected to be higher than franchise restaurants.
For the fiscal year 2012, The company now expects operating earnings per share to range from $1.12 to $1.22, compared to its previous guidance of $1.02 to $1.17. Analysts currently expect the company to earn $1.43 per share for the fiscal year 2012.
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