Carrols Restaurant Group (TAST) Tops Q3 EPS by 11c

Carrols Restaurant Group (NASDAQ: TAST) reported Q3 EPS of $0.16, $0.11 better than the analyst estimate of $0.05. Revenue for the quarter came in at $217.7 million versus the consensus estimate of $214.78 million.

Comparable restaurant sales increased 6.5% compared to a 3.3% increase in the prior year period.

Carrols Restaurant Group sees FY2015 revenue of $840-850 million, versus the consensus of $844.5 million.

Daniel T. Accordino, the Company's Chief Executive Officer said, “We were quite pleased with our financial performance for the quarter. Our third quarter results included double-digit growth in restaurant sales, a solid 6.5% increase in comparable restaurant sales, along with substantial improvements in profitability as we successfully leveraged these top-line gains. Burger King's effective marketing and promotional initiatives continue to drive increased sales, and when coupled with an improved commodity outlook, have helped our strong performance in 2015.”

Accordino concluded, “Our financial results also demonstrate the successful execution of our strategic objectives, namely our aggressive remodeling initiatives and our continued expansion. We have completed the remodeling of 54 restaurants during the first nine months of 2015 and expect to complete 90 to 95 by the end of the year bringing the total number of remodels to almost 400 since 2012. With regards to our expansion, we have made much progress improving the operating and financial performance of the restaurants that we have acquired, and continue to pursue additional acquisition opportunities. To date, we've acquired 15 restaurants in 2015 including six restaurants acquired early in the fourth quarter. We also have several transactions either under contract or in late-stage negotiations, and believe that we may complete the acquisition of as many as 40 more restaurants by the end of 2015.”

For earnings history and earnings-related data on Carrols Restaurant Group (TAST) click here.

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