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Wendy's Q2 Profit Tops Estimates

(RTTNews) - The Wendy's Company (WEN) reported second quarter adjusted earnings per share of $0.12 compared to $0.18, prior year. On average, 28 analysts polled by Thomson Reuters expected the company to report profit per share of $0.11, for the quarter. Analysts' estimates typically exclude special items.

Second quarter total revenues were $402.3 million, down 7.6% from last year. Adjusted revenues declined 7.0% year-on-year to $324.2 million. Analysts expected revenue of $409.74 million for the quarter.

The company said the decrease in revenues and adjusted revenues was primarily driven by lower sales at company-operated restaurants and a decrease in franchisee royalty revenue. These declines were driven by lower same-restaurant sales as a result of the COVID-19 pandemic.

CEO Todd Penegor said: "Our business and restaurant economic model continue to show incredible resilience as we build momentum with U.S. same-restaurant sales accelerating to high-single digit growth in July, driven by the continued strength of our breakfast and digital businesses."

The company announced the declaration of its regular quarterly cash dividend of 5 cents per share, payable on September 15, 2020, to shareholders of record as of September 1, 2020.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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