Wendy's Co. Maintains FY22 Outlook; Q1 Results Miss Estimates

(RTTNews) - While reporting financial results for the first quarter on Wednesday, The Wendy's Co. (WEN) maintained its adjusted earnings and global systemwide sales growth guidance for the full-year 2022. The company also declared a quarterly dividend.

For fiscal 2022, the company continues to project adjusted earnings in a range of $0.82 to $0.86 per share on global systemwide sales growth of 6 to 8 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.87 per share on revenue growth of 10.70 percent to $2.10 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 June 15, 2022, to shareholders of record as of June 1, 2022.

For the first quarter, the company reported that net income decreased to $37.40 million or $0.17 per share from $41.37 million or $0.18 per share in the prior-year quarter. Excluding items, adjusted earnings per share were $0.17 per share, compared to $0.20 per share last year.

Total revenues for the quarter grew 6.2 percent to $488.64 million from $460.20 million in the same quarter last year. Adjusted revenue increased 6.8 percent to $396.12 million from last year. Same-restaurant sales growth was 2.4 percent.

The Street was looking for earnings of $0.18 per share on revenues of $496.87 million for the quarter.