Jack in the Box Inc. (JACK) shares dove 5.3% in the extended session Wednesday after the company reported earnings that reflected significant impacts from the COVID-19 pandemic and the broad damage the coronavirus has caused the restaurant industry. Jack in the Box reported a fiscal second-quarter net income of $11.5 million, which amounts to 50 cents a share, compared with $25.1 million, or 96 cents a share in the year-ago quarter. Revenue rose to $216.2 million from $215.7 million a year ago. Adjusted for pension settlement charges, among other items, earnings were also 50 cents a share. Analysts polled by FactSet predicted adjusted earnings of 68 cents a share on sales of $210.9 million. Jack in the Box said Wednesday that it had pulled its long-term outlook, after previously yanking its fiscal year-end guidance due to the coronavirus pandemic. The company suspended its dividend payments, stock buyback program and said that as of the end of the second quarter it had roughly $169 million in cash. This year, Jack in the Box stock has fallen 18% as the S&P 500 index ticked up 2.1%.
-Max A. Cherney; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 13, 2020 16:24 ET (20:24 GMT)
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