Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Burger King reported a whopping 82% increase in net earnings in its Q1 report. The company earned a profit of 30 cents per share on revenue of $546 million, significantly better than analyst expectations of 26 cents per share on revenue of $538.1 million. Revenue also jumped 8% from last year's $508 million. Earnings news pushed shares up $1.12 or 6.7% yesterday to close at $17.90. The company says that its Value Menu, BK Stacker sandwich and increased breakfast traffic drove sales. Chicken products, in addition to NFL and NASCAR promotions, also contributed to Q1 results. For FY 2007, the company expects 6-7% revenue growth, and 10-12% adjusted earnings growth. Previously, Burger King has reported worldwide same store growth for 11 consecutive quarters.
Related links: LIPOsuction Becoming Fashionable for Debutante Companies • Houston Chronicle: Burger King CEO Gets $7.1M Bonus
Potentially impacted stocks: Burger King (BKC-OLD), McDonald's (NYSE:MCD), Wendy's International (NYSE:WEN), Jack in the Box Inc. (JBX), CKE Restaurants, Inc. (CKR)
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