PZZA (Post-Call): Q1 was Indeed Epic
By Ryan D. Lavender
Published on May 6, 2021 at 1:26 PM
Earlier today, Papa John’s reported adjusted Q1 EPS of $0.90, well above our $0.53 forecast and sell-side consensus (according to Consensus Metrix) of $0.56. The EPS outperformance appears mainly driven by much better-than-expected same-store sales. The Q1 tax rate of 20.4% was a little more favorable than our 21.0% estimate, as well.