ETC 6 Meridian Low Beta Equity ETF (ARCA: SIXL)

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The Fund is an actively managed exchange-traded fund (ETF) that invests, under normal circumstances, at least 80 percent of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The equity securities in which the Fund invests are mainly common stocks. The Fund may invest in equity securities of companies of any capitalization. The Fund also may invest in real estate investment trusts (REITs).

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6 Meridian Low Beta Equity Strategy ETF

Wendy's,Fast,Food,Restaurant,Sign,,Manassas,,Va,,Usa,,July,11,

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Wendy&#39;s shares are trading lower after the company reported third-quarter 2024 revenue growth of 2.9% year-over-year.

Wendy&#39;s Mixed Q3: EPS Outlook Narrows Despite Revenue Beats, Sales Growth

ETC 6 Meridian Low Beta Equity ETF

The Wendy's Co&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEN#NASDAQ">WEN</a>) shares are trading lower after the company reported&nbsp;third-quarter&nbsp;2024 revenue growth of&nbsp; 2.9%&nbsp;year-over-year to&nbsp;$566.7 million,&nbsp;beating the analyst consensus <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41648703/the-wendys-company-reports-third-quarter-2024-results" rel="noreferrer noopener">estimate of&nbsp;$560.75 million.</a>



<ul>
<li>Adjusted revenues increased&nbsp;0.5%&nbsp;to&nbsp;$443.6 million. Systemwide sales in the U.S. rose&nbsp;0.9%, and International increased&nbsp;7.7%.</li>



<li>Global same-restaurant sales growth was 0.2%. U.S. company-operated restaurant margin was 15.6% (flat year-on-year).</li>



<li>Wendy&#8217;s strengthened its &#8220;digital and loyalty platforms,&#8221; CEO Kirk Tanner said.</li>



<li>Operating profit for the quarter declined&nbsp;6.8%&nbsp;year over year to&nbsp;$94.7 million. Adjusted EBITDA was&nbsp;$135.2 million&nbsp;versus&nbsp;$139.2 million&nbsp;year over year.</li>



<li>Operating profit decreased due to increased breakfast advertising costs, higher depreciation, and higher general and administrative expenses.</li>



<li>Adjusted EPS of 25 cents <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">in line with the consensus estimate.</a></li>



<li>As of June, the company held $482.2 million in cash, cash equivalents, and restricted cash of $35.180 million.</li>



<li>Operating cash flow for the nine months totaled $286.7 million, with a free cash flow of $234.1 million.</li>
</ul>



Buyback: In the third quarter of 2024, the company repurchased 1.5 million shares for $25.2 million and 0.2 million shares for $2.7 million through Oct. 24. Approximately $247.7 million remains available as of October 24 under the company's existing share repurchase authorization that expires in February 2027.



Dividend: The company declared its regular quarterly cash dividend of 25 cents per share, payable on December 16, to shareholders of record as of Dec. 2.



2024&nbsp;Outlook:&nbsp;Wendy's now expects adjusted EPS of&nbsp;$0.99-$1.01 (vs.&nbsp;$0.99&nbsp;Estimate) compared to <a href="https://www.benzinga.com//node/40103091" target="_blank" rel="noreferrer noopener">the prior view of&nbsp;$0.98-$1.02</a>.



The company continues to see adjusted EBITDA of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$535 million-$545 million</a>.



WEN now sees Global systemwide sales growth of&nbsp;3% (vs. 3%&nbsp;to&nbsp;5% earlier) and reiterated guidance for cash flows from operations of&nbsp;$365 million&nbsp;to&nbsp;$385 million, and free cash flow of&nbsp;$275 million&nbsp;to&nbsp;$285 million.



Investors can gain exposure to the stock via VictoryShares US Small Cap High Div Volatility Wtd ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSB#NASDAQ">CSB</a>) and ETC 6 Meridian Low Beta Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIXL#NYSE">SIXL</a>).



Price Action: Wendy&#8217;s shares are down 4.43% at $19.41 at the last check Thursday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/restaurants/24/10/41149776/wendys-is-ready-kids-and-adults-spongebob-squarepants-collaboration-includes-pineapple-frosty" target="_blank" rel="noreferrer noopener">Wendy&#8217;s Is Ready, Kids (And Adults): SpongeBob SquarePants Collaboration Includes Pineapple Frosty, Krabby Patty Burgers</a></li>
</ul>



Image: Shutterstock

Wendy's Mixed Q3: EPS Outlook Narrows Despite Revenue Beats, Sales Growth

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ETC 6 Meridian Low Beta Equity ETF

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Thursday, October 31, 2024

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