Wendy's Raises Earnings Forecast to Reflect Lower Share CountWendy's International, Inc. announced today the conclusion of its previously announced accelerated share repurchase transaction of up to $300 million. The Company repurchased 9.0 million shares in the transaction at an initial purchase price of $31.33 per share. The Company expects settlement to occur on March 21, 2007. For more information on the transaction, please see 'ASR details' below.
Due to the lower number of diluted weighted average shares outstanding in the Company's full-year share count, management now expects its 2007 full-year EPS to be in a range of $1.26 to $1.32, up $0.09 per diluted share from its previous guidance of $1.17 to $1.23. The previous EPS guidance, which was provided by the Company on February 5, 2007, did not include the impact of the ASR transaction in 2007.
The Company also confirmed that its 2007 full-year guidance for earnings before EBITDA remains unchanged at $330 million to $340 million (see disclosure regarding non-GAAP financial measures below).