El Pollo Loco Holdings, Inc. Announces Third Quarter 2024 Financial Results

El Pollo Loco Holdings, Inc. (NASDAQ: LOCO) recently disclosed its financial results for the third quarter ended September 25, 2024, in a press release dated October 31, 2024.

The company reported that total revenue for the 13-week period remained steady at $120.4 million compared to the same period last year. System-wide comparable restaurant sales saw an increase of 2.7%. Income from operations decreased to $10.1 million from $13.7 million in the previous year. Restaurant contribution increased to $16.9 million, accounting for 16.7% of company-operated restaurant revenue, up from $14.8 million or 14.4% in the prior year.

Net income for the quarter was $6.2 million, or $0.21 per diluted share, down from $9.2 million, or $0.28 per diluted share, in the same quarter of the previous year. Adjusted net income for the quarter stood at $6.3 million, or $0.21 per diluted share, compared to $6.4 million, or $0.19 per diluted share last year. Adjusted EBITDA for the quarter was $15.5 million, a slight increase from $15.0 million.

Liz Williams, Chief Executive Officer of El Pollo Loco Holdings, Inc., expressed satisfaction with the Q3 results, citing an increase in system-wide comparable sales and improved restaurant-level margins. Despite challenges due to the sale of some restaurants to existing franchisees, the company made progress in key areas.

Looking ahead to the remainder of 2024, the company expects to open two new company-owned restaurants and three to four new franchised restaurants, with a capital spending estimate between $21.0 and $23.0 million. General and administrative expenses are projected to be between $45.0 and $47.0 million, excluding one-time charges, with an adjusted income tax rate of 27.5% to 28.0%.

El Pollo Loco operates more than 495 company-owned and franchised restaurants across several U.S. states and licensed locations in the Philippines. The company remains committed to its vision of becoming a leading fire-grilled chicken brand.

In light of the financial results and strategic outlook, El Pollo Loco Holdings, Inc. sees a solid foundation for growth in the coming year and beyond.

The company will also hold a conference call today at 4:30 PM Eastern Time to discuss these financial results in further detail.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read El Pollo Loco’s 8K filing here.

About El Pollo Loco

El Pollo Loco Holdings, Inc, through its subsidiary, El Pollo Loco, Inc, develops, franchises, licenses, and operates quick-service restaurants under the El Pollo Loco name. It operates and franchises restaurants located in California, Nevada, Arizona, Texas, Colorado, Utah, and Louisiana. It also licenses its brand to restaurants in the Philippines.