Wendy’s Lowers Earnings Guidance
2022.04.04 19:42
By Sam Boughedda
Budrigannews.com — The Wendy’s Co (NASDAQ:WEN) shares dipped Monday after the company lowered its adjusted earnings per share view for 2022.
In a U.S. Securities and Exchange Commission filing, the company said it expects earnings per share for the year to be between $0.82 and $0.86, down from the previous guidance of $0.87 to $0.91.
The company now expects FY 2022 cash flows from operations of between $305 million to $325 million, with free cash flow of $215 million to $225 million. Wendy’s previously guided for cash flows from operations of $320 million to $340 million, with free cash flow between $230 million to $240 million.
Global systemwide sales growth expectations remained the same at 6% to 8%. Capital expenditures are forecast between $90 million to $100 million.
In addition, the company boosted its share buybacks by $150 million, which was added to the previously announced share repurchase program, which expires in February 2023, taking it to $250 million.
