While reporting financial results for the second quarter on Wednesday, The Wendy’s Co. (WEN) raised its adjusted earnings guidance for the full-year 2022, while maintaining annual global systemwide sales growth outlook. The company also declared a quarterly dividend.
For fiscal 2022, the company now projects adjusted earnings in a range of $0.84 to $0.88 per share, up from the prior forecast range of $0.82 to $0.86 per share. The company continues to expect global systemwide sales growth of 6 to 8 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.83 per share on revenue growth of 9.5 percent to $2.08 billion for the year. Analysts’ estimates typically exclude special items.
The Company also announced the declaration of its regular quarterly cash dividend to 12.5 cents per share, payable on September 15, 2022, to shareholders of record as of September 1, 2022.
For the second quarter, the company reported that net income decreased to $48.2 million or $0.22 per share from $65.7 million or $0.29 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $0.24 per share, compared to $0.27 per share last year.
Total revenues for the quarter grew 9.0 percent to $537.8 million from $493.3 million in the same quarter last year. Adjusted revenue increased 10.7 percent to $432.9 million from last year. Same-restaurant sales growth was 3.7 percent.
The Street was looking for earnings of $0.22 per share on revenues of $539.96 million for the quarter.
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