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21.10.2019 22:30:09

Del Taco stock sinks after company cuts guidance, misses quarterly expectations

Shares of Del Taco Restaurants Inc. fell more than 8% in the extended session Monday after the fast-food company posted an adjusted per-share profit below expectations and trimmed its guidance. Del Taco said it lost $7.7 million, or 21 cents a share, versus earnings of $5.9 million, or 15 cents a share, in the fiscal third quarter of 2018. Adjusted for one-time items, Del Taco earned $3.7 million, or 10 cents a share, compared with $6 million, or 15 cents a share, a year ago. Revenue rose 2% to $120.2 million. Analysts polled by FactSet had expected the company to report adjusted earnings of 14 cents a share on sales of $119 million. The outlook for 2019 was revised to "reflect (the company's) performance year-to-date and more conservative expectations for the 16-week fiscal fourth quarter," Del Taco said in a statement. Del Taco said it expects 2019 sales between $512 million and $515 million, down from a previous expectation of sales between $517 million and $527 million. The company called for adjusted per-share earnings between 44 cents and 47 cents, from a previous guidance of adjusted EPS between 47 cents and 52 cents. Shares of Del Taco ended the regular trading day up 2.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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