PZZA Adjusting Q2E-Q3E EPS Estimates a Little More

By Mark Kalinowski Published on May 6, 2020 at 12:00 AM

Earlier today regarding Papa John’s (PZZA; Buy, $76.16), we adjusted our 2020E EPS estimate downward by -40 cents to $1.15, reflecting: (1) a -50 cent hit for Q1A-Q3E adjustments to how Papa John’s records franchisee financial assistance (related to royalty relief and the discretionary marketing fund), with -26 cents of this having taken place in Q1, and our estimate of -12 cent hits each to Q2E and Q3E, and (2) +10 cents reflecting better-than-expected April North American same-store sales trends and the momentum resulting from this.

WEN (Post-Call) Good Sales Momentum as Official Breakfast Launch Approaches

By Mark Kalinowski Published on February 26, 2020 at 12:00 AM

Earlier today, Wendy’s (WEN; Buy, $22.49) reported Q4 2019 adjusted EPS of $0.08. Although this was short of our $0.10 forecast, it did match sell-side consensus (according to Consensus Metrix) of $0.08.

MCD (Post-Call) More Fresh Beef for the Bulls

By Mark Kalinowski Published on July 26, 2019 at 12:00 AM

Earlier today, McDonald’s (MCD; Buy) reported adjusted Q2 EPS of $2.05, one cent short of our $2.06 forecast, but in line with sell-side consensus (according to Consensus Metrix) of $2.05. However, investor eyes may be more focused on the robust Q2 same-store sales trends across the board.