Meritage Announced 2024 Preliminary Unaudited Results; 2025 Outlook: Accelerating Earning Growth
Meritage Hospitality Group (OTCQX: MHGU) reported its 2024 preliminary results and 2025 outlook. Q4 2024 showed a 0.5% sales increase to $168.7M, with net income rising 227% to $5.2M. Full-year 2024 results included $668.8M in sales (down from $672.5M), while net earnings increased 33.1% to $8.0M.
The company faced $8.6M in operational and one-time charges related to non-Wendy's restaurant closings. Operating with 379 restaurants across 15 states, Meritage plans 35-40 new and reimaged locations for 2025, including Morning Belle expansion.
The 2025 outlook projects significant growth: 5-10% in sales, 90-100% in operations earnings, 75-85% in net earnings, and 15-25% in EBITDA. The company will implement Wendy's FreshAI drive-thru technology in Q1 2025.
Meritage Hospitality Group (OTCQX: MHGU) ha riportato i risultati preliminari per il 2024 e le previsioni per il 2025. Nel quarto trimestre del 2024, le vendite sono aumentate dello 0,5% a $168,7 milioni, con un reddito netto in crescita del 227% a $5,2 milioni. I risultati dell'intero anno 2024 hanno registrato $668,8 milioni in vendite (rispetto ai $672,5 milioni dell'anno precedente), mentre gli utili netti sono aumentati del 33,1% a $8,0 milioni.
L'azienda ha affrontato $8,6 milioni in spese operative e una tantum relative alla chiusura di ristoranti non Wendy's. Operando con 379 ristoranti in 15 stati, Meritage prevede 35-40 nuove aperture e rimodernamenti per il 2025, inclusa l'espansione di Morning Belle.
Le previsioni per il 2025 indicano una crescita significativa: dal 5 al 10% nelle vendite, dal 90 al 100% negli utili operativi, dal 75 all'85% negli utili netti, e dal 15 al 25% in EBITDA. L'azienda implementerà la tecnologia di drive-thru Wendy's FreshAI nel primo trimestre del 2025.
Meritage Hospitality Group (OTCQX: MHGU) reportó sus resultados preliminares de 2024 y proyecciones para 2025. El cuarto trimestre de 2024 mostró un aumento del 0,5% en ventas a $168,7 millones, con un ingreso neto que creció un 227% a $5,2 millones. Los resultados del año completo 2024 incluyeron $668,8 millones en ventas (bajando de $672,5 millones), mientras que las ganancias netas aumentaron un 33,1% a $8,0 millones.
La compañía enfrentó $8,6 millones en cargos operativos y únicos relacionados con el cierre de restaurantes que no son Wendy's. Operando con 379 restaurantes en 15 estados, Meritage planea 35-40 nuevas ubicaciones y remodelaciones para 2025, incluida la expansión de Morning Belle.
Las proyecciones para 2025 pronostican un crecimiento significativo: del 5 al 10% en ventas, del 90 al 100% en ganancias operativas, del 75 al 85% en ganancias netas y del 15 al 25% en EBITDA. La empresa implementará la tecnología de drive-thru Wendy's FreshAI en el primer trimestre de 2025.
Meritage Hospitality Group (OTCQX: MHGU)는 2024년 예비 결과 및 2025년 전망을 보고했습니다. 2024년 4분기의 매출은 0.5% 증가한 1억 6,870만 달러를 기록했으며, 순이익은 227% 증가한 520만 달러로 집계되었습니다. 2024년 전체 연간 결과는 6억 6,880만 달러의 매출(6억 7,250만 달러에서 하락)과 33.1% 증가한 800만 달러의 순이익을 포함합니다.
회사는 웬디스가 아닌 레스토랑 폐쇄와 관련하여 860만 달러의 운영비용 및 일회성 비용을 직면했습니다. 15개 주에서 379개의 레스토랑을 운영하며, Meritage는 2025년을 위해 35-40개의 신규 및 리모델링 매장을 계획하고 있으며, 여기에는 모닝 벨 확장이 포함됩니다.
2025년 전망은 상당한 성장을 예상합니다: 매출은 5-10%, 운영 이익은 90-100%, 순이익은 75-85%, EBITDA는 15-25% 증가할 것으로 보입니다. 회사는 2025년 1분기에 웬디스의 FreshAI 드라이브 스루 기술을 도입할 것입니다.
Meritage Hospitality Group (OTCQX: MHGU) a présenté ses résultats préliminaires pour 2024 ainsi que ses perspectives pour 2025. Le quatrième trimestre 2024 a affiché une augmentation de 0,5% des ventes, atteignant 168,7 millions de dollars, avec un revenu net en hausse de 227% à 5,2 millions de dollars. Les résultats de l'année complète 2024 comprennent 668,8 millions de dollars de ventes (en baisse par rapport à 672,5 millions de dollars), tandis que les bénéfices nets ont augmenté de 33,1% pour atteindre 8,0 millions de dollars.
La société a dû faire face à 8,6 millions de dollars de charges opérationnelles et exceptionnelles liées à des fermetures de restaurants non Wendy's. Avec 379 restaurants répartis sur 15 États, Meritage prévoit d'ouvrir de 35 à 40 nouveaux emplacements et de réaménager d'autres pour 2025, y compris l'extension de Morning Belle.
Les perspectives pour 2025 prévoient une croissance significative: 5-10% des ventes, 90-100% des bénéfices opérationnels, 75-85% des bénéfices nets et 15-25% d'EBITDA. L'entreprise mettra en œuvre la technologie de drive-thru Wendy's FreshAI au premier trimestre 2025.
Meritage Hospitality Group (OTCQX: MHGU) hat seine vorläufigen Ergebnisse für 2024 und die Ausblicke für 2025 veröffentlicht. Im vierten Quartal 2024 stiegen die Umsätze um 0,5% auf 168,7 Millionen US-Dollar, während das Nettoergebnis um 227% auf 5,2 Millionen US-Dollar anstieg. Die Ergebnisse für das Gesamtjahr 2024 umfassten 668,8 Millionen US-Dollar Umsatz (von 672,5 Millionen US-Dollar zurückgegangen), während der Nettogewinn um 33,1% auf 8,0 Millionen US-Dollar zunahm.
Das Unternehmen sah sich mit 8,6 Millionen US-Dollar an betrieblichen und einmaligen Kosten im Zusammenhang mit der Schließung von Nicht-Wendy's-Restaurants konfrontiert. Mit 379 Restaurants in 15 Bundesstaaten plant Meritage 35-40 neue und umgestaltete Standorte für 2025, darunter die Expansion von Morning Belle.
Der Ausblick für 2025 prognostiziert signifikantes Wachstum: 5-10% im Umsatz, 90-100% im Betriebsertrag, 75-85% im Nettogewinn und 15-25% im EBITDA. Das Unternehmen wird im ersten Quartal 2025 die Wendy's FreshAI Drive-Thru-Technologie implementieren.
- Net income increased 227% to $5.2M in Q4 2024
- Full-year net earnings up 33.1% to $8.0M
- EBITDA grew 9.0% to $42.4M in 2024
- Planned expansion of 35-40 new/reimaged locations in 2025
- Strong 2025 growth projections across all metrics
- Q4 2024 Earnings from Operations declined to -$0.1M from $4.8M YoY
- Full-year 2024 sales decreased to $668.8M from $672.5M
- $8.6M in charges from non-Wendy's restaurant closings
- Full-year Operations Earnings fell to $10.9M from $17.8M
GRAND RAPIDS, Mich., Jan. 17, 2025 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise restaurant operator, today reported preliminary financial results for the fourth quarter and fiscal year ended December 29, 2024, ahead of presenting at the Sidoti Micro-Cap Conference.
2024 Fourth Quarter Highlights:
- Sales increased
0.5% to$168.7 million compared to sales of$167.9 million for the same period last year. - Earnings (Loss) from Operations were
$(0.1) million compared to$4.8 million for the same period last year. - Net Income increased
227% to$5.2 million compared to$1.6 million for the same period last year. - Consolidated EBITDA (a non-GAAP measure) increased
40.8% to$13.7 million compared to$9.7 million for the same period last year.
2024 Full-Year Highlights:
- Sales were
$668.8 million compared to$672.5 million last year. - Earnings from Operations were
$10.9 million compared to$17.8 million last year. The current fiscal year included operational and one-time charges of$8.6 million associated with non-Wendys restaurant closings and dispositions. - Net Earnings increased
33.1% to$8.0 million compared to$6.0 million last year. - Consolidated EBITDA (a non-GAAP measure) increased
9.0% to$42.4 million compared to$38.9 million last year.
“New Wendy’s restaurants and reworked locations continue to drive strong returns on investment, highlighting the strength and resilience of the Wendy’s restaurant brand. Earnings from operations this year included operational and one-time charges of approximately
Looking ahead, the Company is forecasting strong earnings growth for fiscal 2025, driven by Wendy’s restaurant reimaging and continued margin improvements as commodity and labor inflation moderate. In Q1 2025 we will be rolling out our first Wendy’s FreshAI – the Wendy’s generative AI technology that brings a digital automated ordering experience to the drive-thru customer. The Company is committed to leveraging technology and delivery options designed to improve customer experience and employee efficiency in the restaurants. The company ended the year with 379 restaurants across fifteen states and has an exciting development pipeline of 35-40 new and reimaged locations planned throughout 2025, including additions to our Morning Belle restaurant portfolio, the Company’s growing single shift, breakfast/brunch concept.
2025 Full-Year Outlook: Accelerating Earnings Growth:
- Sales growth of +
5% to +10% - Earnings from Operations growth of +
90% to +100% - Net Earnings growth of +
75% to +85% - EBITDA growth of +
15% to +25%
The Company’s strategic priorities are focused on developing a culture of leadership, leveraging our operating platform and unique in-house development expertise to deliver consumers the highest level of quality, convenience, and affordability.
As we plan for the next generation of franchise platform growth, the Company remains actively engaged in expanding its strategic partnerships and legacy shareholder liquidity opportunities.
About the Company:
Meritage Hospitality Group is the nation’s premier restaurant operator, currently with 379 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of over 11,000 employees. At fiscal year-end 2024, the Company had total weighted average fully diluted common shares outstanding of 8,520,095.
The Company’s current and publicly available information pursuant to amended SEC Rule 15c2-11 and FINRA Rule 6432 can be found at www.otcmarkets.com, under the stock symbol MHGU/Disclosures or the Company’s website, www.meritagehospitality.com.
SAFE HARBOR STATEMENT
Certain information in this new release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements. Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company’s Safe Harbor Statement at http://www.meritagehospitality.com.
CONTACT:
Robert E. Schermer, Jr., CEO
Meritage Hospitality Group Inc.
(616) 776-2600
FAQ
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