Wendy's Q4 Profit Rises, Adj. EPS Miss Estimates; Sees FY24 Earnings Below View

(RTTNews) - Restaurant chain Wendy's Co. (WEN) Thursday reported that its fourth-quarter net income climbed 13.6 percent to $46.9 million from last year's $41.3 million.

Earnings per share grew 21.1 percent to $0.23 from last year's $0.19. Adjusted earnings per share was $0.21, compared to $0.22 a year ago.

Analysts on average expected the company to report earnings of $0.23 per share for the quarter, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenues edged up 0.8 percent to $540.7 million from last year's $536.5 million. Adjusted revenues were $431.7 million, compared to $431.3 million a year ago. The Street was looking for revenues of $546.82 million for the quarter.

The company declared its regular quarterly cash dividend of 25 cents per share. The dividend is payable on March 15, to shareholders of record as of March 1.

For fiscal 2024, the company projects adjusted earnings per share of $0.98 to $1.02 per share, global systemwide sales growth of 5 to 6 percent, and adjusted EBITDA of $535 million to $545 million.

Analysts expect earnings of $1.11 per share for the year.

In pre-market activity on Nasdaq, Wendy's shares were losing around 2 percent to trade at $18.90.

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