Carrols Restaurant raises FY revenue view to $1.15B-$1.18B from $1.15B-$1.17B
Consensus is $1.17B. Now sees FY comparable restaurant sales up 3%-4% vs. prior 3%-5% view. Commodity costs are expected to be flat (previously a 1% to 2% increase) including a 1% to 2% decrease in beef costs (previously a 2% to 3% increase); Adjusted EBITDA is expected to be $100 million to $105 million (previously $95 million to $102 million); The effective income tax rate is expected to be 0% to 5%; The company expects to close 15 to 20 existing restaurants (previously 20 to 25 restaurants) of which five have already closed. The company said: "Given our performance year-to-date and expectations for the remainder of the year, we are raising our overall outlook for 2018. While we remain cautiously optimistic regarding comparable restaurant sales trends as we lap our very strong performance in the second half of last year, we expect Adjusted EBITDA to now grow to $100 million to $105 million compared to $91.4 million in 2017."