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August 14, 2014
11:40 EDTRRGB, NDLSRed Robin, Noodles & Company crumble after earnings misses
Shares of casual dining companies Red Robin Gourmet Burgers (RRGB) and Noodles & Company (NDLS) are crumbling after both reported lower than anticipated second quarter results and projected modest outlooks for the rest of 2014. RED ROBIN: Red Robin's reported adjusted earnings per share of 68c for Q2, while analysts' had a consensus forecast of 90c. The company's Q2 revenue was $256.1M, which fell below analysts' consensus of $263.27M. Comparable restaurant revenue increased 1.2% for the quarter. The company's CEO Steve Carley said that Red Robin remains cautious in the near term but is confident in the initiatives it has in place to generate long-term value. The franchise sees FY14 comparable restaurant growth in the low single digits. The company also plans to remodel at least 65 Red Robin restaurants as part of its brand transformation initiative as well as expand patio seating in a few locations. During the company's conference call, Red Robin said that it is "cautiously optimistic" regarding its FY14 expectations. The franchise said it was disappointed in its Q2 results and noted that its market strategy fell short. Red Robin anticipates that the macro-environment will not provide any lift for the company in the immediate future. The franchise sees revenues in remodeled restaurants to continue to build later this fall and foresees "somewhat strong" comp revenue growth in Q4. Red Robin said it sees Q3 EPS growth to be about flat. NOODLES & COMPANY: Another casual dining franchise, Noodles & Company, reported lower than expected earnings and cut its 2014 outlook in response to industry trends. The company's Q2 adjusted EPS of 12c fell below analysts' 15c consensus. The company's Q2 revenue was $99.5M, which was lower than analysts' consensus of $102.9M. Comparable restaurant sales, when adjusted for the Easter holiday shift, increased 0.3% for company-owned restaurants and 0.2% system-wide. In regards to guidance, Noodles & Company lowered its FY14 adjusted EPS view to flat with prior year. The company's Chairman and CEO Kevin Reddy said, "We are seeing modest top line momentum and are making the right investments for the business long-term. However, given results during the first half of the year, we believe it is judicious to temper our 2014 outlook relative to prior expectations." PRICE ACTION: During late morning trading, shares of Red Robin fell $13.72, or 21.25% to $ 50.83, while Noodles & Company dropped $5.27, or 21% to $19.94.
News For RRGB;NDLS From The Last 14 Days
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March 5, 2015
07:45 EDTNDLSUBS to hold a conference
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March 3, 2015
07:09 EDTNDLSBofA/Merrill to hold a conference
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February 20, 2015
16:20 EDTNDLSOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory with time running out for Greece to reach an extension of its bailout agreement. The morning was filled with headlines from both Greek and eurozone finance leaders, many of which indicated that prospects for a deal looked grim. When reports surfaced that an agreement on an extension had been reached the Dow took off and hit its first new high of 2015. The S&P 500 followed to its own new high and the Nasdaq continued to close in on the 5,000 level. ECONOMIC EVENTS: In the U.S., Markit's flash PMI rose to 54.3 in February, versus the consensus forecast for a preliminary reading of 53.6 for the month. In Europe, the Eurogroup and Greece reached a tentative deal for an extension of the current EFSF Master Financial Assistance Facility Agreement for up to four months. The deal is predicated on Greek authorities presenting a first list of reform measures, based on the current arrangement, by the end of Monday. Also, the Eurozone flash composite PMI came in at 53.5, versus expectations for a reading of 53. The services PMI was better than expected, while the manufacturing PMI was lower than expected. COMPANY NEWS: Deere reported Q1 earnings per share of $1.12 and revenue of $6.38B, which beat consensus forecasts of 84c and $5.59B, respectively. However, Deere said company equipment sales are projected to decrease about 17% for fiscal 2015 and now sees net income to be about $1.8B, which is down from the company's prior net income outlook of $1.9B. Analysts at Wells Fargo calculate that the implied EPS guidance from Deere dropped to $5.25 from $5.50. Consensus for FY15 EPS prior to Deere's report was $5.51. Shares of the farm, construction and forestry equipment maker rose 72c, or 0.79%, to $92.43 following this morning's report. MAJOR MOVERS: Among the notable gainers was National Bank of Greece (NBG), whose shares trading in New York jumped 35c, or 21.74%, to $1.96 after the Greek aid extension deal was negotiated. Also higher was Springleaf (LEAF), which gained $4.40, or 12.88%, to $38.57 after Reuters reported that the company has beaten out rival bidders and is in advanced talks to buy consumer finance unit OneMain Financial from Citigroup (C) for more than $4B. Two stock that dropped after their earnings reports prompted multiple analyst downgrades were Noodles & Company (NDLS), which plunged $8.84, or 31.87%, to $18.90, and Rocket Fuel (FUEL), which fell $3.95, or 26.74%, to $10.82. INDEXES: The Dow rose 154.67, or 0.86%, to 18,140.44, the Nasdaq gained 31.27, or 0.63%, to 4,955.97, and the S&P 500 advanced 12.85, or 0.61%, to 2,110.30.
12:49 EDTNDLSOn The Fly: Midday Wrap
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10:20 EDTNDLSHigh option volume stocks
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10:03 EDTNDLSNoodles & Company tumbles after earnings, downgrades, levels to watch
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10:01 EDTNDLSOn The Fly: Analyst Downgrade Summary
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07:28 EDTNDLSNoodles & Company pullback a buying opportunity, says Jefferies
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06:21 EDTNDLSNoodles & Company downgraded to Neutral from Buy at Janney Capital
Janney Capital downgraded Noodles & Company to Neutral following the disappointing Q4 reprot and outlook. Note that Baird also downgraded shares this morning.
06:02 EDTNDLSNoodles & Company downgraded to Neutral from Outperform at RW Baird
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