Papa John's Int'l Q2 Profit Rises; Lifts Lower End Of FY13 EPS Outlook

(RTTNews) - Papa John's International Inc. (PZZA) Tuesday reported second-quarter net income of $17.2 million or $0.77 per share, compared to $14.3 million or $0.59 per share in the comparable quarter last year.

Adjusted earnings for the quarter was $17.0 million or $0.76 per share. On average, five analysts polled by Thomson Reuters expected the company to earn $0.69 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues increased 9.6 percent to $349.19 million from $318.58 million in the comparable quarter last year, while four analysts expected revenues of $348.14 million.

Looking ahead, the company updated its full-year 2013 earnings guidance to a range of $2.92 to $3.00 per share, from prior guidance of $2.90 to $3.00 per share. Analysts currently expect full-year earnings of $3.00 per share.

Further, the company's Board of Directors approved a $25 million increase in the amount of common stock that may be purchased under the company's share repurchase program through March 30, 2014. About $80.1 million remains available under the company's share repurchase program as of August 2, 2013.

Also, the company announced that its Board of Directors approved the initiation of quarterly cash dividends to its shareholders. A quarterly dividend of $0.25 per common share will be paid on September 20, 2013 to shareholders of record as of the close of business on September 6, 2013.