Monday October 30, 2023, 17:58:34
DENN (Post-Call): Faces Some Macro Headwinds, But Keke’s New-Unit Agreements are Appetizing
After today’s (Monday’s) market close, Denny’s reported adjusted Q3 EPS of $0.17. This was above our $0.14 forecast and sell-side consensus (according to Consensus Metrix) of $0.15. The Q3 adjusted tax rate was 16.5%. This was more favorable than our 25.0% forecast and consensus at 25.1%. Compared to consensus, the 16.5% adjusted tax rate helped Q3 adjusted EPS by about +2 cents. Third-quarter adjusted EBITDA amounted to $22.2 million, basically in line with our $22.3 million projection, and matching consensus of $22.2 million.