The Week in Stocks: P.F. Chang's Still Cookin'
Plus, Int'l Speedway downshifts, Ryanair gets hostile, and more.
Restaurateur P.F. Chang's China Bistro (PFCB) reported third-quarter revenue Wednesday. The top line increased 14% from the prior-year quarter, driven by the build-out of new restaurants. Same-restaurant sales at the core Bistro chain, which accounted for 80% of revenue, fell 0.5%, representing a modest improvement from the second quarter, in which comparable revenue dropped 1.0%. Pei Wei, the company's burgeoning fast-casual concept, also made some progress, with same-restaurant sales declining just 1.5% year-over-year versus a 3.9% decrease last quarter. Furthermore, Pei Wei's performance improved throughout the quarter, finishing the month of September with a 1.2% sequential gain in comparable revenue. Morningstar analyst John Owens is encouraged by these positive trends and remains confident in the company's strong long-term prospects. Thus, he's maintaining his fair value estimate.
Full Analyst Report: P.F. Chang's
International Speedway Downshifts in Third-Quarter, But Doesn't Wreck
International Speedway (ISCA) reported decent third-quarter results Thursday, in Morningstar analyst Joel Bloomer's estimation. Admissions were a weak spot in the quarter, declining slightly from the year-ago period, with slack attendance at the Daytona International and Michigan International speedways damping results. The company's operating margin also fell slightly, to 29% from 30%, but this was mostly due to short-term legal costs and the timing of administrative expenses. Since Bloomer expects some profitability improvement in the fourth quarter, he believes his annual forecasts remain within reach. As such, he's maintaining his positive long-term view and fair value estimate for the company.
Full Analyst Report: International Speedway
Jeffrey Ptak does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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