Earlier today (Thursday), Papa Johns reported first-quarter adjusted EPS of $0.36. While this was four cents short of our $0.40 forecast, it matched sell-side consensus (according to Consensus Metrix) of $0.36.
Earlier today (Wednesday), Dine Brands reported first-quarter adjusted EPS of $1.03, quite a bit below our $1.20 estimate and sell-side consensus (according to Consensus Metrix) of $1.23. Adjusted EBITDA reached $54.7 million in Q1. Consensus was at $57.8 million.
After today’s (Monday’s) market close, Denny’s reported first-quarter adjusted EPS of $0.08. While this was below our $0.10 forecast, it did match sell-side consensus (according to Consensus Metrix) of $0.08. By our math, the Q1 adjusted tax rate was 28.3%. We had been projecting a tax rate of 25.0%, and consensus was at 24.9%. By our math, the difference between the 28.3% rate and consensus would not have made a difference in the $0.08 Q1 adjusted EPS.
Earlier today (Friday), Wendy’s reported first-quarter adjusted EPS of $0.20. This matched our $0.20 projection and sell-side consensus (according to Consensus Metrix) of $0.20. First-quarter adjusted EBITDA reached $127.8 million. This was above our $123.6 million forecast and consensus of $122.1 million.
Earlier today (Thursday), McDonald’s reported first-quarter adjusted EPS of $2.67. This was slightly above our $2.64 forecast and sell-side consensus (according to Consensus Metrix) of $2.66. The Q1 adjusted tax rate of 19.9% was modestly more favorable than our 20.5% forecast and consensus of 20.7%. By our math, the difference between the 19.9% tax rate and consensus helped McDonald’s Q1 adjusted EPS by about +2 cents.
After today’s (Wednesday’s) market close, The Cheesecake Factory reported Q1 adjusted EPS of $0.93. This was ahead of our $0.82 forecast and sell-side consensus (according to Consensus Metrix) of $0.81. We attribute the earnings beat largely to lower-than-projected food & beverage costs.