WEN (Post-Call) Easier Same-Store Sales Comparisons to be Lapped in 2H

By Mark Kalinowski Published on August 7, 2019 at 12:00 AM

Earlier today, Wendy’s (WEN; Neutral) reported second-quarter adjusted EPS of $0.18 — one cent above our $0.17 forecast and sell-side consensus (according to Consensus Metrix) of $0.17. We would note that D&A/Revenues came in at 7.2% actual vs. our 7.7% estimate, accounting for the $0.01 difference between the actual and our model. Given the one-cent EPS beat, we raise our full-year 2019E EPS estimate by one cent, to $0.64. (FYI, our full-year 2020E EPS forecast stays at $0.78.)

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