Del Taco Restaurants Inc. (NASDAQ: TACO) published its earnings report for the fiscal fourth quarter on Monday that came in better than Wall Street estimates, despite the ongoing Coronavirus pandemic that continues to weigh on the U.S. hospitality sector.
Del Taco shares initially jumped roughly 4% in extended trading on Monday but swung back later on. The stock is now trading at a per-share price of £7.93 versus £6.47 per share at the start of 2021.
Del Taco’s Q4 financial results versus analysts’ estimates
Del Taco said that its net income in the fourth quarter printed at £5.42 million that translates to 14.47 pence per share. In the comparable quarter of last year, it had posted £82.53 million of net loss or £2.23 per share.
In separate news from the U.S., MoneyGram International said on Monday that it had decided to end its partnership with cryptocurrency company, Ripple.
Del Taco valued its revenue in Q4 at £113.35 versus the year-ago figure of £113.63 million. According to FactSet, experts had forecast the fast-food company to note £112.91 million of revenue in the recent quarter. Their estimate for per-share net income was capped at a lower 10.13 pence.
For fiscal 2020 as a whole, Del Taco recorded £355.44 million of total revenue – a 4.1% decline from the previous year. Its full-year net income came in at £9.76 million on an adjusted basis, compared to £12.80 million in 2019.
Del Taco’s financial update comes a month after its rival Yum Brands published market-beating quarterly results.
Del Taco refrained from giving its guidance for 2021
The U.S. company refrained from giving its guidance for fiscal 2021 on Monday due to the COVID-19 crisis that has so far infected more than 29 million people countrywide and caused over half a million deaths. In his comment on Monday, however, Chief Executive John Cappasola said:
“We expect accelerated performance for the remainder of the first quarter and through the second quarter as we lap the initial COVID-19 impact. In addition, we believe our five drivers of acceleration, coupled with ongoing margin management strategies, will help drive our results in the second half of the year and facilitate modest restaurant contribution margin expansion on an annual basis.”
Del Taco performed slightly upbeat in the stock market last year with an annual gain of more than 10%. At the time of writing, it is valued at £296 million.
The post Del Taco beats Wall Street Estimates in the fiscal fourth quarter appeared first on Invezz.
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