Earlier today (Friday, May 8th), Wendy’s reported adjusted first-quarter EPS of $0.12. This exceeded our $0.09 forecast, and was ahead of sell-side consensus (according to Consensus Metrix) of $0.10.
Earlier today (Thursday, May 7th), Papa Johns reported first-quarter adjusted EPS of $0.32. This was short of our $0.35 forecast and sell-side consensus (according to Consensus Metrix) of $0.37.
Earlier today (Thursday, May 7th), McDonald’s reported adjusted Q1 EPS of $2.83. This was above our $2.75 projection and sell-side consensus (according to Consensus Metrix) of $2.75. The Q1 adjusted tax rate — which appears to have been about 22.0% — was more favorable than our 23.0% forecast and consensus of 22.5%. By our math, the difference between the 21.6% adjusted tax rate and consensus helped McDonald’s Q1 adjusted EPS by about +3 cents. Currencies helped Q1 EPS by +13 cents. This was actually a little lower than our expectation in the +15 to +17 cent range.