Carrols Restaurant reports Q2 EPS 23c, consensus 2c

Reports Q2 revenue $485.223M, consensus $475.23M. Deborah Derby, President and Chief Executive Officer of Carrols, commented, “We had one of the best quarters in the Company’s 63-year history, as we achieved $485.2 million of restaurant sales; delivered Adjusted EBITDA of $44.3 million; generated free cash flow of $37.9 million; and reduced our net leverage ratio to 3.6 times. I’m also pleased to report that our Burger King restaurants are well on their way to achieving the highest possible operator rating as defined by our franchisor, which is a direct testament to the outstanding efforts of our field teams.” Derby continued, “As we look ahead, we believe the combination of the work we have done to enhance the guest experience and the benefits from Burger King’s Royal Reset and Reclaim the Flame initiatives will continue to positively impact our traffic. Our top priorities remain fortifying our balance sheet, reducing our net debt, and staying the course on organic growth.”