By Mark Kalinowski
Published on March 6, 2019 at 12:00 AM
We revise our Q1E tax-rate projection to 28.5% (from 24.8%). This change has the effect of lowering our Q1E and our full-year 2019E EPS estimates by $0.09 each, to $1.71 and $8.01, respectively. (Our full-year 2020E EPS forecast remains unchanged at $8.75.)
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By Mark Kalinowski
Published on October 25, 2018 at 12:00 AM
Earlier today, Dunkin’ Brands Group (DNKN; Neutral) reported adjusted Q3 EPS of $0.83, well ahead of our $0.72 forecast and sell-side consensus of $0.73, as measured by Consensus Metrix. The company quantifies the Q3 recognized excess tax benefits as helping adjusted Q3 EPS by $0.09. This means that excluding this taxrate help, Q3 EPS beat our estimate by $0.02 and consensus by $0.01. We attribute the outperformance to higher-than-expected Franchise Fees and Royalty Income, helped in part by better-than-expected same-store sales by the Baskin-Robbins U.S., Dunkin’ International, and Baskin-Robbins International business segments.
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