Wendy's Earnings Top Forecasts By a Penny
Wendy's
(WEN) - Get Wendy's Company (The) Report
posted fourth-quarter earnings Friday that topped analysts' expectations by a penny, and projected 2001 earnings above analysts' forecasts.
The fast-food chain, based in Dublin, Ohio, said fourth-quarter earnings, excluding a one-time charge, were $46 million, or 39 cents a share, compared with $40.6 million, or 33 cents a share, in the same period last year. A survey of 14 analysts by
First Call/Thomson Financial
produced a consensus estimate of 38 cents a share for the quarter.
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Revenue for the quarter grew 7.6% to $572 million from $532 million last year. The company said its system-wide sales surged 8.2% to $1.9 billion, and that same-store sales at its U.S. Wendy's outlets grew 3.2% during the quarter, just half the 6.4% growth recorded during the same period in 1999. Same-store sales at its U.S.
Tim Hortons
restaurants grew 13% on top of a 14.6% increase the year before.
Wendy's, which opened 243 new restaurants during the quarter, said it expects full-year earnings per share to grow 12% to 15% above the $1.53 recorded in 2000. That would put earnings in a range of $1.71 to $1.76 a share. The analysts' consensus forecast is for $1.71 a share.
Shares of the company lately climbed 87 cents, or 3.6%, to $25.04 in recent trading on the
New York Stock Exchange
.
