Wendy's (WEN) Reaffirms 2022 Outlook, Postpones Investor Day Amid Trian Talks

The Wendy's Company (NASDAQ: WEN) today reaffirmed its 2022 outlook.

"As evidenced by our sales momentum, which accelerated on a 2-year basis in Q1 2022, we continue to make significant progress across our three long-term growth pillars: building our breakfast daypart, accelerating our digital business, and expanding our footprint across the globe," President and Chief Executive Officer Todd Penegor said. "We achieved a second consecutive quarter of double digit 2‐year global same‐restaurant sales, opened over 90 new restaurants, accelerated our global digital business to over 10% of total sales, and grew our morning meal dollar and traffic share in the QSR burger category."

During 2022, the Company continues to expect:

• Global systemwide sales growth: 6 to 8 percent
• Adjusted EBITDA: $490 to $505 million
• Adjusted earnings per share: $0.82 to $0.86
• Cash flows from operations: $305 to $325 million
• Capital expenditures: $90 to $100 million
• Free cash flow: $215 to $225 million

Penegor continued, "Our strong momentum, sound execution of our strategic initiatives and improvement in Company-operated restaurant margin as we exited the first quarter give us the confidence to reaffirm this full year 2022 outlook."

The Company has postponed its virtual Investor Day, previously planned for June 9, 2022, to a later date.

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