Wendy's Logs 3Q Rev Growth as Breakfast Items Boost Sales
Wendy's Co. on Wednesday posted stronger revenue and a slightly smaller profit in the latest quarter as the company's new breakfast offerings boosted sales.
The Dublin, Ohio-based fast-food chain recorded a profit of $39.8 million, or 17 cents a share, in the third quarter, compared with $46.1 million, or 20 cents a share, a year earlier.
On an adjusted basis, Wendy's profit was 19 cents a share. Analysts polled by FactSet had been expecting an adjusted profit of 17 cents a share.
Supermarkets Get New Looks as Shoppers Adapt to Pandemic
Supermarkets are using pandemic-driven changes in shopping behavior to accelerate the shift to e-commerce they have been seeking but have been slow to realize in recent years.
Grocers are now devoting more of their floor space to fulfill digital orders in response to customers' increased food consumption at home and their growing reliance on online shopping.
Albertsons Cos., the country's second-largest grocer, is testing the use of dozens of 9-by-12 foot temperature-controlled lockers in select stores in Chicago and California for customers to collect what they buy online. It is also introducing contactless payment in all of its more than 2,200 stores.
STORIES OF INTEREST
Performance Food Group Says Suppliers Recovering -- Market Talk
10:01 ET - Performance Food Group is rebuilding its inventory, executives say during quarterly earnings. The foodservice distributor recently received the highest fill rate of products from its suppliers since the lockdown, they say, adding that suppliers are recovering and completing more of its orders. The days of having excess inventory are in the past, they say. (email@example.com; @_jaewonkang)
Inghams Revises Dividend Policy, 1Q Sales Rise
SYDNEY--Poultry producer Inghams Group Ltd. signaled a change to its dividend policy as it reported stronger first-quarter sales.
Inghams said it now aims to payout between 60% and 80% of underlying net profit, including any impact from the new AASB 16 accounting standard for lease liabilities. The company intends to declare an interim dividend using the revised policy, payable in April.
Why This Agricultural Rebound Looks Different -- Market Talk
13:54 ET - US agricultural markets have bounced at times over the last five years or so, but economic doldrums have been hard to shake for farmers and agribusiness companies. At Ohio-based grain company Andersons, executives say the recent rally in corn, soybean and wheat futures has staying power, mainly because it's driven by demand. Much of that's from China purchases, some of which are record-high, but Andersons CEO Patrick Bowe says corn-based ethanol production is set to rise if people begin driving more, and continued need for animal feed from livestock producers is helping support prices. "People are in a much better position," he says on the quarterly call. Shares sink 16%. (firstname.lastname@example.org; @jacobbunge)
Hog Futures Perk Higher -- Market Talk
15:01 ET - Lean hog futures trading on the CME finished up 1.5% at 66.35 cents per pound, following cutout prices higher. Prices for pork carcass cutouts rose 75 cents per hundredweight today, making it $83.74 per cwt today. Despite today's uptick, futures prices and cutout prices have been on the decline in recent weeks - with hog futures down 7.1% in the past two weeks. Meanwhile, cattle futures closed up 0.1% to $1.07875 per pound. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Nov 4
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Nov 4 +$ 35.82 +$ 47.34
Nov 3 +$ 40.27 +$ 48.48
Nov 2 +$ 43.17 +$ 51.00
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 89.0
(Percent of Year-Ago) Select 93.9
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 75 cents per hundred pounds, to $210.19, according to the USDA. Select-grade prices rose $1.60 per hundred pounds, to $197.05. The total load count was 166. Wholesale pork prices fell 53 cents, to $81.09 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires