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May 6, 2020, 7:28 a.m. EDT

Wendy's misses earnings expectations but shares jump

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By Tonya Garcia

Wendy's Co. /zigman2/quotes/204070192/composite WEN +1.91% reported first-quarter net income of $14.4 million, or 6 cents per share, down from $31.9 million, or 14 cents per share, last year. Adjusted EPS of 9 cents missed the FactSet consensus for 10 cents. Revenue of $405.0 million was down from $408.6 million last year and below the $414.0 million FactSet outlook. U.S. same-store sales were flat while global same-store sales fell 0.2%. The FactSet consensus was for domestic same-store sales growth of 2.9% and overall same-store sales growth of 2.9%. Wendy's had a cash balance of $365 million as of May 3 after full drawing down its variable funding senior secured notes revolving financing facility, reducing its second-quarter dividend and taking other measures due to the coronavirus. Nearly all (96%) of Wendy's restaurants are operating, including 99% in the U.S., with drive-thru and delivery only. Wendy's has said that disruptions to the beef supply chain has put limits on the availability of certain menu items. Wendy's stock jumped nearly 6% in Wednesday premarket trading and is up 1.2% for the past year. The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.47% is down 2.2% for the last 12 months.

US : U.S.: Nasdaq
$ 23.42
+0.44 +1.91%
Volume: 4.40M
July 27, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$5.09 billion
Rev. per Employee
-20.84 -0.47%
Volume: 2.07B
July 27, 2021 5:09p

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