Papa Johns International Inc Q2 2024 Earnings Summary
Intellectia.AI Updated: 1970-01-01
Papa John's International, Inc. Q2 2024 Earnings Summary
Papa John's International, Inc. (PZZA) has reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Total Revenue | $507.9M | $514.5M | -1.3% | $513.8M | -1.2% | $520.52M |
| EPS | $0.37 | $0.54 | -31.5% | $0.45 | -17.8% | $0.53 |
Interpretation : The company experienced a slight decline in total revenue both year-over-year and quarter-over-quarter, with revenues falling short of the consensus estimate of $520.52M. Earnings per share (EPS) also decreased both year-over-year and quarter-over-quarter, and fell below the consensus estimate of $0.53.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Domestic Company-Owned | $138.0M | $140.6M | -1.8% |
| North America Franchising | $71.6M | $72.1M | -0.7% |
| North America Commissary | $182.3M | $190.5M | -4.3% |
| International | $27.1M | $23.6M | 14.8% |
| Other Revenues | $88.9M | $87.7M | 1.4% |
Interpretation : The North America Commissary and both Domestic Company-Owned and North America Franchising segments saw declines in revenue. However, the International segment experienced significant growth, which helped to partially offset declines in other segments.
Dividends and Share Repurchase Program
The company paid aggregate cash dividends of approximately $30.2 million for the six months ended June 30, 2024. On July 31, 2024, the Board of Directors declared a third quarter dividend of $0.46 per common share, payable on August 30, 2024.
There were no share repurchases in the second quarter of 2024. The company still has an active share repurchase program approved for up to $425.0 million of the company’s common stock.
Stock Price Movement
The company's stock price saw a slight decline of 0.95% after the earnings release.
Overall, Papa John’s showed resilience in the face of declining revenues in its North American markets with significant growth in its International segment. Lower-than-expected revenues and earnings present near-term challenges, but strategic initiatives could offer support for future growth.
The report has been organized for clarity and conciseness.
