Dunkin Brands Group, Inc.,(DNKN), which owns and franchises quick service restaurants under the Dunkin Donuts and Baskin-Robbins brands, Thursday posted a decline in net income for the first quarter in spite of higher revenues. Earnings met analyst estimates.
For the first quarter, the company recorded net income of $23.8 million or $0.22 per share, compared with $26 million or $0.21 per share during corresponding quarter last year.
Excluding loss on debt extinguishment and refinancing transactions, Peterborough plant closure charges, and other special items, the firm recorded net income of $31.1 million or $0.29 per share.
On average, seventeen analysts polled by Thomson Reuters expected earnings per share of $0.29 for the first quarter. Analysts' estimates typically exclude one-time items.
The company recorded revenues of $161.8 million compared with $152.3 million reported last year, while the Street expected the company to report revenues of $161.16 million.
The company also added 108 new restaurants worldwide including 78 net new Dunkin' Donuts in the U.S.
"Our business is strong, and we remain confident with our full-year financial targets for 2013, despite the significant impact weather had on both Dunkin' Donuts and Baskin-Robbins in the U.S. during the first quarter," said Nigel Travis, Chief Executive Officer of the company.
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