Latest Q2 earnings
The turnaround at $WEN is still nowhere in sight. The latest earnings were really sobering: the dividend was cut again, and the outlook remains weak.
New CEO Bob Wright summed it up like this: “We are not performing at our potential.” Well, he certainly knows how to put things euphemistically.
Revenue edged slightly higher to $570M from $560M in the same quarter last year. But earnings told a very different story. The company reported net income of $32.62M, or $0.17 per share, compared with $55.11M, or $0.29 per share, a year ago. That’s a roughly 40% decline in earnings, really disappointing.
In my view, the company is badly battered. Management continues to face major challenges in getting the business back on track. I’ll remain on the sidelines for now, as I don’t see any signs of a sustainable recovery yet. Sadly.