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Carrols Restaurant (TAST) Q2 Earnings Top Estimates, Rise Y/Y
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Carrols Restaurant Group, Inc. reported solid second-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. Following the results, shares of the company gained 12.9% during trading hours on Aug 10.
Earnings & Revenues Details
During the second quarter, the company reported adjusted earnings per share (EPS) of 27 cents, beating the Zacks Consensus Estimate of breakeven. In the prior-year quarter, TAST reported an adjusted loss per share of 18 cents.
Quarterly revenues of $485.2 million beat the Zacks Consensus Estimate of $480 million by 1.1%. Also, the top line increased 9.8% on a year-over-year basis. Comparable Restaurant Sales during the quarter came in at 10.5% compared with 2.8% reported in the prior-year quarter.
Carrols Restaurant Group, Inc. Price, Consensus and EPS Surprise
During the quarter, revenues from Burger King came in at $461.1 million compared with $419.8 million reported in the prior-year quarter. The upside was backed by increased traffic, national marketing initiatives and equipment upgrades. Comparable restaurant sales at Burger King restaurants rose 10.4% year over year.
Revenues from Popeyes came in at $24.1 million compared with $22.2 million reported in the year-ago quarter. Comparable restaurant sales at Popeyes restaurants increased 11.6% year over year. The upside was backed by a 7.4% rise in average checks and a 3.9% increase in traffic.
Operating Highlights
During the fiscal second quarter, Food, beverage and packaging costs — as a percentage of sales — came in at 28.2%, down 350 basis points year over year.
General and administrative expenses (as a percentage of sales) came in at 5.1% in the quarter compared with 4.7% reported in the prior-year quarter.
Adjusted Net income during the fiscal second quarter was $17 million against $(8.9) million reported in the year-ago quarter.
Adjusted EBITDA during the quarter totaled $44.3 million, compared with $15.1 million reported in the prior-year quarter. Adjusted EBITDA margin came in at 9.1% compared with 3.4% reported in the prior-year quarter.
Balance Sheet
As of Jul 2, 2023, cash and cash equivalents totaled $40.9 million compared with $4.9 million on April 2, 2023.
As of Jul 2, 2023, Long-term debt and finance lease liabilities were $476.8 million compared with $478.7 million at the end of Apr 2, 2023.
Zacks Rank
Carrols Restaurant currently has a Zacks Rank #4 (Sell).
Restaurant Brands International, Inc. (QSR - Free Report) reported impressive second-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was primarily driven by strong global comparable sales, unit growth and a healthy balance of traffic and check.
During the quarter, QSR reported adjusted EPS of 85 cents, surpassing the Zacks Consensus Estimate of 76 cents. The bottom line increased 3.7% from an adjusted EPS of 82 cents reported in the prior-year quarter. Quarterly net revenues of $1,775 million surpassed the consensus mark of $1,746 million. The top line increased 8.3% on a year-over-year basis. The upside was driven by a rise in system-wide sales at Tim Hortons, Burger King, Popeyes and Firehouse Subs. However, this was partially offset by unfavorable FX movements.
The Cheesecake Factory Incorporated (CAKE - Free Report) reported second-quarter fiscal 2023 results, wherein earnings beat the Zacks Consensus Estimate, but revenues missed the same. The bottom and the top lines increased year over year. An increase in comparable restaurant sales backed by improving consumer demand and new restaurant openings drove the company’s performance.
During the quarter, CAKE reported adjusted EPS of 88 cents, beating the Zacks Consensus Estimate of 81 cents by 8.6%. The reported figure represented a 69.2% year-over-year increase. Total revenues of $866.2 million missed the consensus estimate of $881 million by 1.7%. However, the top line increased 4% on a year-over-year basis.
Chipotle Mexican Grill, Inc. (CMG - Free Report) released mixed second-quarter fiscal 2023 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The top and the bottom line increased on a year-over-year basis.
During the quarter, Chipotle reported adjusted EPS of $12.65, beating the Zacks Consensus Estimate of $12.25. The bottom line increased 36% from the $9.30 reported in the year-ago quarter. Quarterly revenues of $2,514.8 million missed the consensus mark of $2,524 million. The top line increased 13.6% on a year-over-year basis. The upside can primarily be attributed to strong comparable restaurant sales growth and new restaurant openings.
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Carrols Restaurant (TAST) Q2 Earnings Top Estimates, Rise Y/Y
Carrols Restaurant Group, Inc. reported solid second-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. Following the results, shares of the company gained 12.9% during trading hours on Aug 10.
Earnings & Revenues Details
During the second quarter, the company reported adjusted earnings per share (EPS) of 27 cents, beating the Zacks Consensus Estimate of breakeven. In the prior-year quarter, TAST reported an adjusted loss per share of 18 cents.
Quarterly revenues of $485.2 million beat the Zacks Consensus Estimate of $480 million by 1.1%. Also, the top line increased 9.8% on a year-over-year basis. Comparable Restaurant Sales during the quarter came in at 10.5% compared with 2.8% reported in the prior-year quarter.
Carrols Restaurant Group, Inc. Price, Consensus and EPS Surprise
Carrols Restaurant Group, Inc. price-consensus-eps-surprise-chart | Carrols Restaurant Group, Inc. Quote
During the quarter, revenues from Burger King came in at $461.1 million compared with $419.8 million reported in the prior-year quarter. The upside was backed by increased traffic, national marketing initiatives and equipment upgrades. Comparable restaurant sales at Burger King restaurants rose 10.4% year over year.
Revenues from Popeyes came in at $24.1 million compared with $22.2 million reported in the year-ago quarter. Comparable restaurant sales at Popeyes restaurants increased 11.6% year over year. The upside was backed by a 7.4% rise in average checks and a 3.9% increase in traffic.
Operating Highlights
During the fiscal second quarter, Food, beverage and packaging costs — as a percentage of sales — came in at 28.2%, down 350 basis points year over year.
General and administrative expenses (as a percentage of sales) came in at 5.1% in the quarter compared with 4.7% reported in the prior-year quarter.
Adjusted Net income during the fiscal second quarter was $17 million against $(8.9) million reported in the year-ago quarter.
Adjusted EBITDA during the quarter totaled $44.3 million, compared with $15.1 million reported in the prior-year quarter. Adjusted EBITDA margin came in at 9.1% compared with 3.4% reported in the prior-year quarter.
Balance Sheet
As of Jul 2, 2023, cash and cash equivalents totaled $40.9 million compared with $4.9 million on April 2, 2023.
As of Jul 2, 2023, Long-term debt and finance lease liabilities were $476.8 million compared with $478.7 million at the end of Apr 2, 2023.
Zacks Rank
Carrols Restaurant currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Peer Releases
Restaurant Brands International, Inc. (QSR - Free Report) reported impressive second-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was primarily driven by strong global comparable sales, unit growth and a healthy balance of traffic and check.
During the quarter, QSR reported adjusted EPS of 85 cents, surpassing the Zacks Consensus Estimate of 76 cents. The bottom line increased 3.7% from an adjusted EPS of 82 cents reported in the prior-year quarter. Quarterly net revenues of $1,775 million surpassed the consensus mark of $1,746 million. The top line increased 8.3% on a year-over-year basis. The upside was driven by a rise in system-wide sales at Tim Hortons, Burger King, Popeyes and Firehouse Subs. However, this was partially offset by unfavorable FX movements.
The Cheesecake Factory Incorporated (CAKE - Free Report) reported second-quarter fiscal 2023 results, wherein earnings beat the Zacks Consensus Estimate, but revenues missed the same. The bottom and the top lines increased year over year. An increase in comparable restaurant sales backed by improving consumer demand and new restaurant openings drove the company’s performance.
During the quarter, CAKE reported adjusted EPS of 88 cents, beating the Zacks Consensus Estimate of 81 cents by 8.6%. The reported figure represented a 69.2% year-over-year increase. Total revenues of $866.2 million missed the consensus estimate of $881 million by 1.7%. However, the top line increased 4% on a year-over-year basis.
Chipotle Mexican Grill, Inc. (CMG - Free Report) released mixed second-quarter fiscal 2023 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. The top and the bottom line increased on a year-over-year basis.
During the quarter, Chipotle reported adjusted EPS of $12.65, beating the Zacks Consensus Estimate of $12.25. The bottom line increased 36% from the $9.30 reported in the year-ago quarter. Quarterly revenues of $2,514.8 million missed the consensus mark of $2,524 million. The top line increased 13.6% on a year-over-year basis. The upside can primarily be attributed to strong comparable restaurant sales growth and new restaurant openings.