Meritage Reports First Quarter 2024 Results; Strong Earnings Growth
MERITAGE HOSPTLTY GRP INC (MHGU)
NASDAQ:AMEX Investor Relations:
meritagehospitality.com/investor-relations
Company Research
Source: GlobeNewswire
GRAND RAPIDS, Mich., April 12, 2024 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the first quarter ended March 31, 2024. First Quarter Highlights: Sales increased 3.3% to $162.8 million compared to $157.7 million for the same period last year. Earnings from Operations increased 306.9% to $3.9 million compared to $0.9 million for the same period last year. Net Earnings increased 206.3% to $1.6 million compared to a $1.5 million loss for the same period last year. Consolidated EBITDA (a non-GAAP measure) increased 82.4% to $9.9 million compared to $5.4 million for the same period last year. “Company earnings from operations increased significantly in the first quarter compared to last year, driven by profitable value menu sales and decreased inflation in food, paper and labor. Profit means growth in our Wendy’s business, and we are excited about the new Wendy’s leadershi
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