Domino’s Pizza Inc. (NASDAQ:DPZ) on Tuesday reported better-than-expected third-quarter earnings and revenue.
Revenue rose 3.4% year over year to $1.186 billion, beating analysts’ estimates of $1.177 billion. Higher supply chain sales and global franchise royalties drove growth. Diluted earnings per share came in at $4.60, beating the consensus estimate of $4.36.
Global retail sales rose 3.2%, excluding foreign currency effects. U.S. retail sales increased 2.1%, while international retail sales grew 4.3%.
Joe Jordan, Domino’s Chief Executive Officer said, “Our opportunity now is to capitalize on those strengths by getting even closer to our customers, helping our franchisees grow their profitability and turning our best performance into our everyday performance. By advancing winning ideas faster and executing them with greater clarity, speed and consistency, we can earn more occasions, continue gaining market share and create meaningful long-term value for shareholders. Domino’s has always been at its best when we are a step ahead. That mindset has helped us set the pace for the industry before, and it’s how we’ll push ourselves to do it again. I believe our next chapter will be our strongest yet.”
Domino’s shares fell 1.4% to $292.02 in pre-market trading.
These analysts made changes to their price targets on Domino’s following earnings announcement.
- B of A Securities analyst Sara Senatore maintained the stock with a Buy and lowered the price target from $455 to $410.
- StoneX analyst Todd M. Brooks maintained the stock with a Buy and cut the price target from $430 to $400.
- Baird analyst Chris O’Cull maintained the stock with a Neutral and lowered the price target from $325 to $320.
- RBC Capital analyst Logan Reich maintained the stock with a Sector Perform and lowered the price target from $325 to $320.
Considering buying DPZ stock? Here’s what analysts think:
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