Breakfast at Wendy's fuels Q1 profits

seekingalpha05-02

Shares of fast-food chain Wendy’s (NASDAQ:WEN) were 1.4% higher in premarket trading as strong breakfast sales propelled the company to a profit of $0.23 per share, 2 cents better than a year ago and ...

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Driven by an increase in ad funds revenue and an increase in franchise royalty revenue, total sales were up by just 1.1% to $535M, which came in slightly below estimates.  The momentum we built across our business in the first quarter puts us on track to achieve our 2024 outlook,” Wendy’s CEO Kirk Tanner said, adding accelerated global same-restaurant sales growth was “driven in part by high-single-digit year-over-year U.S. breakfast sales growth and global digital sales mix of nearly 17%.” The company’s performance this quarter resulted in a 60 basis points expansion in restaurant margin.  However, the modest expansion in the company’s margin was attributed to higher prices that were partially offset by fewer customers and higher labor costs.  Increased breakfast advertising resulted in a 4.6% drop in free cash flow to $60.8M which was partially offset by the timing of vendor incentive receipts. Free cash flow in 2024 is expected to increase to $280M to $290M versus $274.6M at the end of 2023.  For 2024, Wendy’s (WEN) expects global sales growth of 5% to 6% and adjusted EBITDA of $535M to $545M. This compares to 2023 adjusted EBITDA of $535.9M at the end of 2023. Adjusted earnings are expected to be between $0.98 and $1.02 per share, compared to $0.97 at year-end 2023, and straddling the Street consensus of $1.00. 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