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Wendy’s reports $3.97M loss in 3Q

Wendy’s reports $3.97M loss in 3Q

The Wendy’s Co. reported a net loss for the third quarter, but revenue and same-store sales for its Wendy’s brand rose during the period.

For the third quarter ended Oct. 2, Wendy’s net loss was $3.97 million, or negative 1 cent per share, compared with a net loss of $909,000, or zero cents per share, in the third quarter of 2010.

The loss reflected its namesake brand’s net income from continuing operations of $2.5 million, offset by a $6.5 million loss from discontinued operations and the sale of the Arby’s Restaurant Group in July.

However, sales and traffic rose at Wendy’s restaurants in North America during the quarter, the company reported. Revenue increased $10.7 million, or 1.8 percent, to $611.4 million, compared with $600.7 million a year earlier.

Systemwide domestic same-store sales rose 0.9 percent, reflecting increases of 1.8 percent at company-owned locations and 0.7 percent at franchised units. The same-store sales increase at company-owned Wendy’s units comprised a 1.1-percent increase in traffic and a 0.7-percent increase in the average check.

Emil Brolick, the brand’s new chief executive, said menu introductions played a role in Wendy’s success in the third quarter and would continue into the fourth quarter. The chain introduced the Wild Berry Frosty parfait in July and the Monterey Ranch Crispy Chicken Sandwich, part of the My 99 Everyday Value Menu, in August.

At the start of the fourth quarter, Brolick added, Wendy’s completed the systemwide rollout of Dave’s Hot ‘N Juicy Cheeseburger. Meanwhile, a new line of burgers developed to fit between the premium Dave’s Hot ‘N Juicy platform and the value menu is scheduled to debut before the end of the year.

“Due to the success of our breakthrough launch, we will allocate incremental promotional support to Dave’s Hot ‘N Juicy Cheeseburger product line, along with advertising for the Asiago Ranch Chicken Club in November,” Brolick said in a statement.

“In late November, we will introduce the new ‘W’ cheeseburger product line as a mid-tier sandwich priced below our premium-quality cheeseburger,” he said. “This will enable us to offer consumers three hamburger product lines in our menu portfolio — signature, mid-tier and price-value.”

The brand also reaffirmed previously stated guidance that same-store sales would increase 1 percent to 3 percent for the fiscal year at company-owned restaurants in North America. It also reaffirmed that Wendy’s would open approximately 20 company-owned stores and 45 franchised locations in North America this year. It also expects to open about 35 international franchised locations.

Dublin, Ohio-based Wendy’s operates or franchises more than 6,500 restaurants in the United States and 25 international markets.

Contact Mark Brandau at [email protected]
Follow him on Twitter: @Mark_from_NRN


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

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Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

Advertisement

Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

Advertisement

Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

Advertisement

Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

Advertisement

Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

Advertisement

Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

Advertisement

Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

Advertisement

Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

Advertisement

Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


Tesla's stock soars after company posts surprising 3Q profit

Tesla posted a surprising profit of US$143 million ($222.8m) in its latest quarter, raising hopes the electric car pioneer may finally be turning the corner after posting mostly losses during its first decade as a publicly held company.

The positive results announced Wednesday came after Tesla lost US$1.1 billion during the first half of the year. That had caused many investors to lose faith in the company even as it boosted sales of its vehicles.

Doubts about Tesla led its stock to fall by 23 per cent so far this year, while the bellwether Standard & Poor's 500 index has climbed 20 per cent. But Tesla's shares recovered a big chunk of those losses after its third-quarter numbers came out, soaring 20 per cent to US$306 in extended trading.

The rally stemmed largely from investors' surprise given the widespread expectation on Wall Street that Tesla would register yet another significant loss for the July-September period. Analysts surveyed by FactSet had projected Tesla would lose about US$253m during the third quarter.

Advertisement

Instead, Tesla delivered a "jaw dropper," said Wedbush Securities analyst Daniel Ives. "The Street wanted profitability and Tesla delivered in big fashion."

The performance represents a measure of vindication for Tesla's enigmatic co-founder and CEO Elon Musk, who has been facing more questions about whether he is the right person to be steering the company at this critical juncture.

Seemingly emboldened, Musk reiterated a pledge to sell at least 360,000 vehicles this year. Tesla will have to sell about 105,000 cars during the final three months of the year, after delivering a record 97,000 vehicles in the third quarter.

Boosting sales even more in the current quarter is something most analysts have been doubting Tesla will be able to pull off, but that mindset may change after the company's financial breakthrough in the past quarter.

But Tesla will still have to prove it can sustain the momentum, something that it hasn't done so far. For instance, the company recorded back-to-back quarterly profits last year, only to sustain huge losses during the first half of this year even as it sold more cars.

The company fared better during the same time last year with a profit of US$311m. That means the net income for this year's quarter was down 54 per cent by comparison.


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