Earlier today (Thursday), Papa Johns reported that its Q1 adjusted EPS amounted to $0.67. This was ahead of our $0.60 forecast and sell-side consensus (according to Consensus Metrix) of $0.57.
After today’s (Wednesday’s) market close, The Cheesecake Factory reported that its first-quarter adjusted EPS reached $0.73. This easily surpassed our $0.60 forecast and sell-side consensus (according to Consensus Metrix) of $0.63. The Q1 income-statement line item that was most better than our estimates was Other Operating Costs/Revenues, which at 26.2% actual was +60 basis points more favorable than our 26.8% estimate. Trends in utilities and supply-chain costs helped get to this line-item outperformance in Q1. Management notes that it does not build any continued leverage into this line item into its stated targets (see below for more info about those targets).
Earlier today (Wednesday), Dine Brands reported adjusted Q1 EPS of $1.33. This was below our $1.52 forecast and sell-side consensus (according to Consensus Metrix) of $1.57. First-quarter adjusted EBITDA reached $60.8 million. This is lower than consensus of $62.9 million.