Wendys Co (NASDAQ:WEN) stock was up on Wednesday following the release of its earnings report for the third quarter of 2016.
Wendys Co reported earnings per share of 11 cents for the third quarter of 2016. This is an increase over the earnings per share of 9 cents that it reported during the same time last year. It also managed to beat out Wall Street’s earnings per share estimate by one penny.
Wendys Co also reported revenue of $364.01 million during the third quarter of 2016. The fast-food chain’s revenue from the third quarter of 2015 was $464.63 million. Analysts were expecting the company to report revenue of $350.77 million for the third quarter of the year.
Net income reported by Wendys Co during the third quarter of 2016 was $48.89 million. Net income reported by the company during the same time in the year prior was $7.58 million.
Wendys Co also announced an increase to its dividend in its third quarter of 2016 earnings report. The company is increasing its dividend per share by 0.5 cents. This means that its new dividend rate will be 6.5 cents per share.
The new dividend rate being used by Wendys Co will go into effect for its next dividend being payed to shareholders. This will be on Dec. 15, 2016 and it will be payable to shareholders on record as of Dec. 1, 2016.
Wendys Co also updated its outlook for the full year of 2016 in its most recent earnings report. The company said it now expects earnings per share for the year to range from 40 cents to 41 cents. Its previous guidance had earnings per share for that period coming in between 39 cents and 40 cents. Wall Street is expecting earnings per share for 2016 to be 40 cents.
WEN stock was up 1% as of Noon Wednesday.
