MW Papa John's stock rises after revenue tops estimates
Papa John's International Inc.'s stock $(PZZA)$ rose 2% early Thursday, after the pizza delivery company posted better-than-expected revenue for the third quarter. Louisville, Ky.-based Papa John's had net income of $41.8 million, or $1.27 a share, for the quarter, up from $15.861 million, or 48 cents a share, in the year-earlier period. Adjusted for one-time items, EPS came to 43 cents, matching the FactSet consensus. Revenue fell to $506.8 million from $522.8 million a year ago, also ahead of the $497.0 million FactSet consensus. Chief Executive Todd Penegor, who took on the role in August, said the revenue beat came in a challenging consumer environment. "I joined Papa Johns because I could see the potential in this company," Penegor said in prepared remarks. "With our leadership team, we continue to evaluate the business and refine our key strategic initiatives." The stock has fallen 23.6% in the year to date, while the S&P500 has gained 24.3%.
-Ciara Linnane
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November 07, 2024 07:20 ET (12:20 GMT)
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