While reporting financial results for the fourth quarter on Tuesday, The Wendy's Co. (WEN) initiated its adjusted earnings and global systemwide sales growth guidance for the full-year 2022. The company also declared a quarterly dividend and approved a share repurchase authorization.
For fiscal 2022, the company now projects adjusted earnings in a range of $0.87 to $0.91 per share on global systemwide sales growth of 6 to 8 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.89 per share on revenue growth of 1.9 percent to $1.92 billion for the year. Analysts' estimates typically exclude special items.
On February 23, the Company announced the declaration and increase of its regular quarterly cash dividend to 12.5 cents per share, payable on March 15, 2022, to shareholders of record as of March 7, 2022.
Further,the Company's Board of Directors has approved a new $100 million share repurchase authorization, expiring in February 2023.
For the fourth quarter, the company reported that net income increased to $52.13 million or $0.24 per share from $38.73 million or $0.17 per share in the prior-year quarter. Excluding items, adjusted earnings per share were $0.16 per share, compared to $0.17 per share last year.
Total revenues for the quarter also edged down 0.2 percent to $473.20 million from $474.32 million in the same quarter last year. Adjusted revenue declined 2.3 percent to $373.4 million from last year. Same-restaurant sales growth was 7.3 percent.
The Street was looking for earnings of $0.15 per share on revenues of $460.14 million for the quarter.
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