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MTY Food stock drops after restaurant franchisor misses Q3 estimates

  • Source: Toronto Star - - Read: 0



    MONTREAL - MTY Food Group Inc. shares dropped to their lowest level in months after the restaurant franchisor reported quarterly revenue and profit that came in below analyst estimates.

    The Montreal-based company’s stock fell nearly 10 per cent in the first minutes of trading, trading at $57.21, down $6.04 shares from the previous close.

    MTY reported earlier that profit attributable to its shareholders in the third quarter was $22.9 million or 91 cents per share for the quarter ended Aug. 31.

    That was up from $22.1 million or 88 cents per share in its 2018 fiscal third quarter, but short of estimates.

    Analysts had estimated $1.02 per share of profit and $167.9 million of revenue, according to financial markets data firm Refinitiv.

    MTY’s revenue rose to $163.6 million from $113.0 million w ...



    Read Full News: https://www.thestar.com/business/2019/10/11/mty-food-stock-drops-after-restaurant-franchisor-misses-q3-estimates.html

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