Meritage Hosp - MHGU STOCK NEWS

Meritage Hospitality Group Inc. (OTCQX: MHGU) reported its financial results for Q3 and the first nine months of 2024. Q3 highlights include:

• Sales of $164.8 million, down from $170.3 million in Q3 2023
• Earnings from Operations of $0.4 million, compared to $3.2 million last year
• Net Loss of $1.8 million, versus $0.0 million in Q3 2023
• Consolidated EBITDA of $6.3 million, down from $8.1 million

The company noted a one-time, non-cash expense of $1.8 million related to closure and dispositions. For the first nine months of 2024, sales reached $500.1 million, slightly down from $504.6 million in 2023. Meritage operates 381 restaurants and forecasts accelerated sales and margin expansion driven by new Wendy's and Morning Belle restaurants, reimaged locations, and future acquisitions.

Meritage Hospitality Group, a leading franchise operator, released its financial results for Q2 2024, ending June 30. The company's sales reached $172.4 million, slightly down from $176.6 million the previous year. Earnings from operations were $7.1 million, compared to $8.9 million last year. Net earnings stood at $3.4 million, a decrease from $5.9 million. The consolidated EBITDA was $12.9 million versus $15.6 million last year.

CEO Robert E. Schermer, Jr. emphasized improved sales in the latter half of the quarter due to successful Wendy's promotions and new product offerings. He noted improvements in food and labor costs and highlighted the resilience of the Wendy’s brand. For the first half of 2024, sales increased to $335.2 million, and net earnings rose to $5.0 million. Meritage remains committed to expanding its Wendy's stores and enhancing customer experience through strategic investments and operational excellence.

Meritage Hospitality Group (OTCQX: MHGU) announced the results of its Annual Shareholders Meeting and a second-quarter dividend. Shareholders approved the election of six directors for a one-year term. The Board approved a quarterly dividend of $0.06 per share, a 100% increase from last year, payable on July 1, 2024, to shareholders of record on June 15, 2024. CEO Robert E. Schermer, Jr. highlighted improvements in food and labor inflation and projected a positive outlook for the rest of 2024. The company expects sales growth of 4% to 10%, earnings from operations to rise by 45% to 55%, net income to increase by 75% to 85%, and EBITDA to grow by 20% to 30%.

Meritage Hospitality Group announced results from its Annual Shareholders Meeting and declared a second-quarter dividend. Shareholders approved the election of six directors for a one-year term. The Board of Directors approved a $0.06 per share dividend, payable on July 1, 2024, a 100% increase from the prior year. CEO Robert E. Schermer, Jr. highlighted a positive earnings outlook, with expected sales growth of 5% to 10%, earnings from operations growth of 65% to 75%, net income increase of 145% to 155%, and EBITDA growth of 30% to 40% for 2024. The company continues to focus on expanding its Wendy’s and Morning Belle restaurant operations.

Meritage Hospitality Group Inc. (MHGU) reported strong financial results for the first quarter of 2024, with sales increasing by 3.3% to $162.8 million, Earnings from Operations rising by 306.9% to $3.9 million, and Net Earnings increasing by 206.3% to $1.6 million. Consolidated EBITDA also saw a significant increase of 82.4% to $9.9 million. The company attributed this growth to profitable value menu sales and decreased inflation in food, paper, and labor costs.

Meritage Hospitality Group Inc. (MHGU) reports strong financial performance in 2023 with record sales of $672.5 million, showcasing growth in sales, earnings, and EBITDA. The company ended the year with 388 restaurants across 16 states and forecasts accelerated earnings growth for fiscal 2024.

Meritage Hospitality Group Inc. (MHGU) announces a quarterly special dividend of $0.06 per share, payable on January 1, 2024. The company reported third quarter sales of $170.3 million, with a 6.4% increase in Earnings from Operations. They plan to build 52 new Wendy's restaurants by 2026 and acquired 25 Wendy's restaurants in North Carolina and Virginia, expecting to add $42.0 million to annual sales.

Meritage Hospitality Group reports Q3 financial results, with sales increasing by 6.1% to $170.3 million. Earnings from Operations also increased by 6.4% to $3.2 million. Net Earnings were $0.0 million compared to $1.8 million last year.

Meritage Hospitality Group Inc. approves a quarterly special dividend of $0.09 per share and plans to develop and operate 7 Brew Coffee drive-thru locations. The Company aims to build up to 64 restaurant locations by the end of 2030. The 2023 full-year outlook projects improvements in food & labor cost, with sales, earnings from operations, net income, and EBITDA expected to increase by 10% to 30%. The Company has also expanded its agreement to build 52 new Wendy's restaurants by the end of 2026.