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Investing.com -- Domino’s Pizza, Inc. reported second-quarter earnings that missed analyst expectations despite solid sales growth, with shares rising 2.7% following the announcement.
The world’s largest pizza company posted adjusted earnings per share of $3.81 for the second quarter, falling short of analyst estimates of $3.94. Revenue came in at $1.15 billion, matching consensus expectations and representing a 4.3% increase from the same period last year.
U.S. same-store sales grew 3.4% in the quarter, while international same-store sales rose 2.4% excluding foreign currency impact. The company’s global retail sales increased 5.6% excluding foreign currency effects compared to the same quarter last year.
"Our team delivered strong Q2 results," said Russell Weiner, Domino’s Chief Executive Officer. "Internationally, we continued to grow despite macro challenges. In the U.S., both delivery and carryout grew, driving meaningful market share gains within the U.S. pizza QSR category."
The company’s income from operations increased 14.8% to $225 million. However, net income decreased 7.7% to $131.1 million, primarily due to an unfavorable change in pre-tax net realized and unrealized losses associated with the company’s investment in DPC Dash Ltd, as well as a higher effective tax rate.
The company’s board declared a quarterly dividend of $1.74 per share to be paid on September 30. During the quarter, Domino’s repurchased and retired 315,696 shares of common stock for $150 million, with $614.3 million remaining in its share repurchase authorization.