Meritage Reports Third Quarter 2024 Results Sales & Operating Margin Growth Ahead
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 Inc. (OTCQX: MHGU) ha riportato i suoi risultati finanziari per il terzo trimestre e i primi nove mesi del 2024. Tra i punti salienti del Q3 troviamo:
- Vendite di 164,8 milioni di dollari, in calo rispetto ai 170,3 milioni di dollari del Q3 2023
- Utile operativo di 0,4 milioni di dollari, rispetto ai 3,2 milioni dell'anno scorso
- Perdita netta di 1,8 milioni di dollari, contro 0 milioni nel Q3 2023
- EBITDA consolidato di 6,3 milioni di dollari, in calo rispetto agli 8,1 milioni
L'azienda ha segnalato un costo una tantum, non monetario, di 1,8 milioni di dollari relativo alla chiusura e alle dismissioni. Nei primi nove mesi del 2024, le vendite hanno raggiunto 500,1 milioni di dollari, leggermente inferiori rispetto ai 504,6 milioni del 2023. Meritage gestisce 381 ristoranti e prevede una crescita delle vendite e dell'espansione dei margini grazie all'apertura di nuovi ristoranti Wendy's e Morning Belle, location ristrutturate e acquisizioni future.
Meritage Hospitality Group Inc. (OTCQX: MHGU) informó sus resultados financieros para el tercer trimestre y los primeros nueves meses de 2024. Los aspectos destacados del Q3 incluyen:
- Ventas de 164.8 millones de dólares, en comparación con 170.3 millones en el Q3 2023
- Ganancias de Operaciones de 0.4 millones de dólares, comparado con 3.2 millones del año pasado
- Pérdida Neta de 1.8 millones de dólares, frente a 0.0 millones en el Q3 2023
- EBITDA consolidado de 6.3 millones de dólares, bajando de 8.1 millones
La compañía señaló un gasto no monetario único de 1.8 millones de dólares relacionado con cierres y disposiciones. Durante los primeros nueve meses de 2024, las ventas llegaron a 500.1 millones de dólares, ligeramente por debajo de los 504.6 millones en 2023. Meritage opera 381 restaurantes y prevé un aumento acelerado en ventas y expansión de márgenes impulsados por nuevos restaurantes Wendy's y Morning Belle, ubicaciones remodeladas y futuras adquisiciones.
Meritage Hospitality Group Inc. (OTCQX: MHGU)는 2024년 3분기 및 첫 9개월 동안의 재무 결과를 발표했습니다. 3분기 핵심 사항은 다음과 같습니다:
- 매출 1억 6480만 달러, 2023년 3분기 1억 7030만 달러에서 감소
- 운영수익 40만 달러, 지난해 320만 달러와 비교
- 순손실 180만 달러, 2023년 3분기 0.0 만 달러와 대비
- EBITDA 총계 630만 달러, 810만 달러에서 감소
회사는 마감 및 처분과 관련된 180만 달러의 일회성 비현금 비용을 언급했습니다. 2024년 첫 9개월 동안 매출은 5억 1백만 달러에 달하며, 2023년의 5억 460만 달러에서 약간 감소했습니다. Meritage는 381개의 레스토랑을 운영하며 새로운 Wendy's와 Morning Belle 레스토랑, 리모델링한 장소 및 향후 인수에 의해 추진되는 매출 및 마진 확대가 가속화될 것으로 예측하고 있습니다.
Meritage Hospitality Group Inc. (OTCQX: MHGU) a annoncé ses résultats financiers pour le troisième trimestre et les neuf premiers mois de 2024. Les points forts du T3 incluent :
- Chiffre d'affaires de 164,8 millions de dollars, en baisse par rapport à 170,3 millions de dollars au T3 2023
- Bénéfice d'exploitation de 0,4 million de dollars, comparé à 3,2 millions l'année dernière
- Perte nette de 1,8 million de dollars, contre 0,0 million au T3 2023
- EBITDA consolidé de 6,3 millions de dollars, en baisse par rapport à 8,1 millions
L'entreprise a noté une dépense non monétaire unique de 1,8 million de dollars liée à des fermetures et des cessions. Pour les neuf premiers mois de 2024, le chiffre d'affaires a atteint 500,1 millions de dollars, légèrement en baisse par rapport à 504,6 millions en 2023. Meritage exploite 381 restaurants et prévoit une accélération des ventes et une expansion de la marge grâce à de nouveaux restaurants Wendy's et Morning Belle, des emplacements réaménagés et des acquisitions futures.
Meritage Hospitality Group Inc. (OTCQX: MHGU) hat seine finanziellen Ergebnisse für das 3. Quartal und die ersten neun Monate des Jahres 2024 veröffentlicht. Die Höhepunkte des Q3 umfassen:
- Umsatz von 164,8 Millionen Dollar, Rückgang von 170,3 Millionen Dollar im Q3 2023
- Betriebsergebnis von 0,4 Millionen Dollar, im Vergleich zu 3,2 Millionen Dollar im vergangenen Jahr
- Nettoverlust von 1,8 Millionen Dollar, im Vergleich zu 0,0 Millionen Dollar im Q3 2023
- Konsolidiertes EBITDA von 6,3 Millionen Dollar, zurückgegangen von 8,1 Millionen Dollar
Das Unternehmen berichtete von einer einmaligen, nicht zahlungswirksamen Ausgabe von 1,8 Millionen Dollar im Zusammenhang mit Schließungen und Veräußertungen. In den ersten neun Monaten des Jahres 2024 erreichte der Umsatz 500,1 Millionen Dollar, was einem leichten Rückgang gegenüber 504,6 Millionen Dollar im Jahr 2023 entspricht. Meritage betreibt 381 Restaurants und erwartet ein beschleunigtes Umsatzwachstum und eine Margin-Expansion, die durch neue Wendy's- und Morning Belle-Restaurants, renovierte Standorte und zukünftige Akquisitionen vorangetrieben werden.
- Sales exceeded half a billion dollars for the first nine months of 2024
- Newly developed Wendy's locations show robust sales
- Development costs have improved from their peak in 2023
- Interest rates have started to decrease
- Company forecasts accelerated sales and operating margin expansion
- Q3 2024 sales decreased to $164.8 million from $170.3 million in Q3 2023
- Q3 2024 Earnings from Operations fell to $0.4 million from $3.2 million in Q3 2023
- Q3 2024 Net Loss of $1.8 million compared to $0.0 million in Q3 2023
- Q3 2024 Consolidated EBITDA decreased to $6.3 million from $8.1 million in Q3 2023
- One-time, non-cash expense of $1.8 million related to closure and dispositions
GRAND RAPIDS, Mich., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the third quarter and nine months ended September 29, 2024.
2024 Third Quarter Highlights:
- Sales were
$164.8 million compared to$170.3 million for the same period last year. - Earnings from Operations were
$0.4 million compared to$3.2 million for the same period last year. Of note, third quarter 2024 results included a one-time, non-cash expense of$1.8 million related to closure and dispositions. - Net Loss was
$1.8 million compared to$0.0 million for the same period last year. - Consolidated EBITDA (a non-GAAP measure) was
$6.3 million compared to$8.1 million for the same period last year.
“Company restaurant sales exceeded half a billion dollars for the first nine months, and earnings were equal to last year when adjusted for the one-time, non-cash expense of
The Wendy’s brand continues to demonstrate resiliency in a high inflationary period for consumers by offering speed, convenience, and affordability. Sales in our newly developed Wendy’s locations remain robust. Additionally, development costs have improved from their peak high in 2023, and interest rates have started to come down.
2024 Year-To-Date Highlights:
- Sales for the nine months were
$500.1 million compared to$504.6 million for the same period last year. - Earnings from Operations were
$11.0 million compared to$13.0 million for the same period last year. - Net Earnings were
$2.8 million compared to$4.4 million for the same period last. - Consolidated EBITDA (a non-GAAP measure) was
$28.7 million compared to$29.1 million for the same period last year. - The Company finished the third quarter with 381 restaurants in operation.
- Year-to-date results included a one-time, non-cash expense of
$1.8 million related to closure and dispositions.
Outlook: Accelerating Sales & Margin Expansion Ahead
Looking ahead, Meritage is forecasting accelerated sales and operating margin expansion driven by newly developed Wendy’s and Morning Belle restaurants, reimaged restaurants, and future acquisitions.
The Company is committed to delivering on its capital allocation strategy of reinvesting in the business to drive profitable growth, and the proportionate return of free cash flow to shareholders through a combination of dividend growth and share repurchases as free cash flow and liquidity events permit.
Meritage continues to distinguish itself as an operations leader and platform innovator, striving for best-in-class results through a performance-based culture committed to operational excellence, strategic acquisitions, and real estate development.
About Meritage:
Meritage Hospitality Group is the nation’s premier restaurant operating platform, currently with 381 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 12,000 employees. As of the third quarter in 2024, the Company had total weighted average fully diluted common shares outstanding of approximately 6,797,000 shares.
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
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