Del Frisco's (DFRG) Tops Q4 EPS by 5c

Del Frisco's (NASDAQ: DFRG) reported Q4 EPS of ($0.04), $0.05 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $123.8 million versus the consensus estimate of $125.64 million.

• Total comparable restaurant sales increased 0.1%

Fiscal Year 2019 Guidance & Long-Term Growth Outlook

The following statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. We refer you to the statement below regarding Forward-Looking Statements and our recent filings with the SEC for a more detailed discussion of the risks that could impact our future operating results and financial condition.

For the 53-week fiscal year 2019, which ends on December 31, 2019, we are providing the following outlook.

• Total comparable restaurant sales of 0% to 1.5%.
• Seven to eight restaurant openings, consisting of one Del Frisco’s Double Eagle Steakhouse, two to three Barcelona Wine Bars, and three to four bartaco restaurants. To date, we have opened a Del Frisco’s Double Eagle Steakhouse in Century City, CA; a Barcelona Wine Bar in Charlotte, NC; and a bartaco in Madison, WI.
• Restaurant-level EBITDA** of 20.0% to 22.0% of consolidated revenues.
• General and administrative costs of approximately $53 million to $55 million, which excludes items we consider non-recurring in nature.
• Pre-opening expenses of $5 million to $7 million.
• Net capital expenditures, after tenant allowances, of $25 million to $35 million.
• Adjusted EBITDA** of $58 million to $66 million.

** Restaurant-level EBITDA and Adjusted EBITDA are non-GAAP measures.

By the end of fiscal year 2023, we are targeting generation on an annual basis of at least $800 million in consolidated revenues and $130 million in adjusted EBITDA**. To achieve these long-term targets, we would need to satisfy the following key annual goals:

• Consolidated revenue growth of at least 10%.
• Comparable restaurant sales growth of 0% to 2%.
• New restaurant growth of 10% to 12% annually.
• Maintaining strong restaurant-level EBITDA** margins.
• General and administrative cost leverage.
• Adjusted EBITDA** growth of at least 15%.

For earnings history and earnings-related data on Del Frisco's (DFRG) click here.

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