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Wendy's Q2 Profit Tops Estimates

The Wendy's Company (WEN) reported second quarter adjusted earnings per share of $0.12 compared to $0.18, prior year. On average, 28 analysts polled by Thomson Reuters expected the company to report profit per share of $0.11, for the quarter. Analysts' estimates typically exclude special items.

Second quarter total revenues were $402.3 million, down 7.6% from last year. Adjusted revenues declined 7.0% year-on-year to $324.2 million. Analysts expected revenue of $409.74 million for the quarter.

The company said the decrease in revenues and adjusted revenues was primarily driven by lower sales at company-operated restaurants and a decrease in franchisee royalty revenue. These declines were driven by lower same-restaurant sales as a result of the COVID-19 pandemic.

CEO Todd Penegor said: "Our business and restaurant economic model continue to show incredible resilience as we build momentum with U.S. same-restaurant sales accelerating to high-single digit growth in July, driven by the continued strength of our breakfast and digital businesses."

The company announced the declaration of its regular quarterly cash dividend of 5 cents per share, payable on September 15, 2020, to shareholders of record as of September 1, 2020.

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