Update (4:02 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- Wendy's Co. (WEN) rose 6.4% to $8.98 on Monday after the fast-food chain offered investors its 2014 earnings forecast that beat analysts' expectations.
The company hit a high of $9.27 and a low of $8.91 for the day and had a volume of 40,169,641, far greater than its average volume of 6,465,880. Wendy's has a one-year low price of $4.80 and a one-year high price of $9.51.
The Dublin, Ohio-based company projected full-year adjusted earnings of 34 to 36 cents per share, well above the average analyst projection of 29 cents per share. Wendy's also announced that it expects company-owned same-restaurant sales to increase by 2.5% to 3.5% for the full year.
The company also announced a net income of $25.2 million to $28.7 million, or six to seven cents per share, for the fourth quarter that ended on Dec. 29 compared to $26.4 million or seven cents per share in the same period one year earlier. Costs dropped 5% to $568.3 million in the quarter, while total sales fell 6% to $592.4 million.
Wendy's, the second-largest hamburger chain in the U.S., franchised its restaurants, which reduced operating costs and led to the company's positive outlook. The company's long-term makeover has included selling restaurants it owns to franchisees to cut costs. In July, Wendy's said it plans to sell 425 stores by the middle of 2014. The company had either sold or signed letters of intent to sell 384 restaurants through 2013. As of Dec. 29, the company had 6,558 restaurants, including franchisees.