By Mark Kalinowski
Published on August 6, 2019 at 12:00 AM
After today’s (Tuesday’s) market close, Papa John’s (PZZA; Neutral) reported adjusted Q2 EPS of $0.28, below our $0.29 EPS estimate and sell-side consensus (according to Consensus Metrix) of $0.31. A shift in the timing of an operations conference hampered G&A by about $2 million in Q2 from a year-over-year perspective, but should help Q3 year-over-year. We calculate that this is roughly a $0.04-$0.05 amount from an EPS standpoint.
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By Mark Kalinowski
Published on May 7, 2019 at 12:00 AM
After Tuesday’s market close, Papa John’s (PZZA; Buy) reported adjusted Q1 EPS of $0.31, surpassing our $0.24 estimate and sell-side consensus (according to Consensus Metrix) of $0.24. We attribute the earnings outperformance primarily to better-than-expected Domestic Company-Owned Restaurant Expenses/Domestic Company-Owned Restaurant Sales (33.4% actual vs. 35.5% projected).
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By Mark Kalinowski
Published on February 21, 2019 at 12:00 AM
Earlier today, Domino’s (DPZ; Buy) reported Q4 2018 EPS of $2.62, short of our $2.71 projection and sell-side consensus (according to Consensus Metrix) of $2.69. The tax rate in Q4 2018 was 17.0%, versus our 20.8% estimate and consensus of 20.8%. By our math, Q4 EPS would have been closer to $2.50 if the Q4 tax rate had been closer to our forecast/consensus. Restaurant-level margins at company-owned units were 23.1%, versus our 24.0% estimate. G&A/Revenues was 11.2% actual vs. our 10.8% projection.
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