logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
CVS Health Corp. is hiring 15,000 employees across the U.S. in the fourth quarter to better equip them to tackle the anticipated rise in COVID-19 and flu incidences during the fall and winter months. This is in addition to the recruitment announced in March to fill 50,000 new full-time, part-time and temporary roles across the country in support of the company's response to the pandemic. Ireland's Data Protection Commissioner or DPC, the European Union's main data privacy regulator, is investigating Facebook over its handling of millions of children's personal data on Instagram, reports said. The agency has started two separate inquiries regarding information that email addresses and phone numbers of users under 18 were made public by the Facebook-owned app. ConocoPhillips (COP) and Concho Resources (CXO) announced Monday that they have entered into a definitive agreement to combine companies in an all-stock transaction valued at $9.7 billion. The transaction creates a company with an approximately $60 billion enterprise value and a combined resource...
RELATED NEWS
Follow RTT