The Wendy’s Co. (NASDAQ: WEN) reported mixed Q3 results on Wednesday. The fast food chain posted revenues of $532.6 million, up 13.3% year-over-year and falling short of analysts’ estimates by $6 million.
Adjusted earnings came in at $0.24 per share versus $0.19 in the same period last year, just ahead of Street estimates of $0.23.
Wendy’s President and CEO Todd Penegor stated, “I am proud of the Wendy’s System for achieving significant one-year global same-restaurant sales acceleration, which allowed us to deliver a fourth consecutive quarter of double digit global same-restaurant sales on a two-year basis. We expanded our global footprint, held global digital sales mix at approximately 10%, and accelerated our US breakfast daypart over the course of the quarter following our first major menu innovation since launching.”
Wendy’s also announced a regular quarterly cash dividend of 12.5 cents per share, payable on December 15 to shareholders of record as of December 1, 2022.
For FY22, the company now expects revenues to grow in the range of 6% to 7% while adjusted earnings are projected to come in between $0.84 to $0.88 per share.
