Thursday November 4, 2021, 09:05:37
PZZA (Post-Call): A Shaq-a-Rific Q3 for Papa John’s
Earlier today, Papa John’s reported adjusted Q3 EPS of $0.83, coming in ahead of our $0.78 forecast and sell-side consensus (according to Consensus Metrix) of $0.72. The Q3 adjusted tax rate was 12.4% according to our calculations, more favorable than our 20.5% projection and consensus of 20.5%. We further calculation that this difference added about +8 cents to Q3 adjusted EPS. In other words, excluding tax-rate help, Q3 adjusted EPS would have been -3 cents below our forecast, but still +3 cents above consensus.