Papa John's (NASDAQ: PZZA) reported Q3 EPS of $0.20, $0.02 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $364.01 million versus the consensus estimate of $393.68 million.

Loss per diluted share of ($0.41) and adjusted earnings per diluted share of $0.20 in the third quarter of 2018, excluding the impact of Special items; adjusted earnings per diluted share down 66.7% from the third quarter 2017 of $0.60
System-wide North America comparable sales decrease of 9.8%
International comparable sales decrease of 3.3%; total international sales increase of 10.0%, driven by unit growth
Company completed the refranchising of 31 company-owned restaurants in Minnesota during the third quarter
Cash flow from operations of $98.8 million; free cash flow of $68.2 million for the first nine months of 2018
2018 EPS outlook narrowed to a range of $1.30 to $1.60

Steve Ritchie, President and CEO of Papa John’s said, “During the quarter, we took important actions resulting in improved consumer sentiment and North America comp sales that were slightly ahead of expectations. While the operating environment remains challenging, these early indicators combined with our strong cash flow give us confidence in the consumer initiatives underway across the Company.”

GUIDANCE:

Papa John's sees FY2018 EPS of $1.30-$1.60, versus the consensus of $1.51.

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