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SAN DIEGO - Jack in the Box Inc. (NASDAQ:JACK) reported better-than-expected first quarter earnings on Tuesday, sending shares soaring 16% in after-hours trading.
The fast food chain posted adjusted earnings per share of $1.92, beating analyst estimates of $1.73. Revenue came in slightly below expectations at $469.4 million versus the $471.8 million consensus estimate.
Jack in the Box same-store sales increased 0.4% in the quarter, while Del Taco same-store sales declined 4.5%. Overall systemwide sales grew 0.5% for Jack in the Box but fell 1.9% for Del Taco.
"The first quarter saw a good start to top-line performance and bottom-line earnings flow through as we battled through a difficult industry-wide macro environment," said Lance Tucker, Jack in the Box Interim Principal Executive Officer.
The company maintained its full-year guidance but lowered its capital expenditure forecast to $100-$105 million from $105-$115 million previously. It also reduced expected share repurchases to approximately $5 million for fiscal 2025, down from $20 million prior.
Jack in the Box’s restaurant-level margin improved slightly to 23.2% from 23.1% a year ago, driven by lower food and packaging costs. However, Del Taco’s restaurant-level margin declined to 13.8% from 15.6% last year.
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