JACK - Jack in the Box beats estimates; ups share repurchases
2023-08-09 09:15:13 ET
Jack In the Box ( NASDAQ: JACK ) rose 3.5% before the open on Wednesday morning.
For the third fiscal quarter, the company reported non-GAAP EPS of $1.45 that beat the average analyst estimate by $0.11. Revenue of $396.9M beat by $3.01M. Same-store sales rose 7.9%.
The company plans to refranchise 90 to 120 Del Taco restaurants in fiscal 2023, up from previous guidance of 65 to 85 restaurants. Operating EPS is forecast at $5.90 to $6.10, which remains the same as previously stated versus consensus of $6.11.
The company now plans to execute at least $80M in share repurchases, compared to a previous estimate of $70M.
"I am pleased to see strong results to begin the second half of 2023, highlighted by a record-breaking opening in Salt Lake City, as our strategic focus areas are beginning to take shape and sustain," Chief Executive Officer Darin Harris said in a statement.
Jack in the Box net restaurant count was positive in the third quarter, with six new restaurant openings and two franchisee closures. The company currently has 77 signed agreements for a total of 340 restaurants. Under these agreements, 32 restaurants have opened, leaving 308 remaining for future development.
Brian Scott, former chief financial officer of ShiftKey, joins the company as CFO effective August 14.
The stock has four Strong Buy ratings from Wall Street analysts, one Buy and 14 Holds.
JACK is down 3.1% over the past month and up 22% in the past 12 months.
More on Jack in the Box:
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Jack in the Box beats estimates; ups share repurchases