The Wendy's Company (WEN) reported that its preliminary fourth quarter total revenues were $536.5 million, up 13.4% from last year. Adjusted revenues were $431.3 million, an increase of 15.5%. Adjusted EBITDA was $123.5 million, up 20.3%.
The company announced a 100% increase in its regular quarterly cash dividend to 25 cents per share. This increase will be effective beginning with the first quarter dividend, payable on March 15, 2023, to stockholders of record as of March 1, 2023.
The company's Board has approved a new $500 million share repurchase authorization, expiring in February 2027. The $250 million share repurchase authorization, which was set to expire in February 2023, has been cancelled.
Wendy's plans to embark on a broader redesign of its organizational structure. The redesign will focus on maximizing organizational efficiency and streamlining decision making. As a result, the company expects 2023 and 2024 G&A will be relatively flat versus 2022, despite elevated inflationary pressures.
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