On Thursday, Domino's Pizza, Inc. (NYSE: DPZ), which is a leader in pizza delivery, announced its financial results for the third quarter of 2017. Even though earnings beat estimates, shares of the company dropped 5% on Thursday morning.
For the third quarter, net income of the company rose 19.3% from $47.2 million, or $0.96 per share for the same period last year to $56.4 million, or $1.18 per share. Adjusted earnings per share for the third quarter was $1.27 per share, which was above previous estimates of $1.23 per share.
Revenue for the third quarter increased 14% from $566.7 million to $643.6 million, beating expectations of $628.4 million. The increase in revenue was mainly due to the higher supply chain revenues from increased volumes, and partly due to the higher same store sales and store count growth in both international and domestic markets.
“The third quarter was an excellent example of us simply continuing to do what we do best: executing on our long-term strategy, relying upon our strong fundamentals and aligning with our outstanding U.S. and international operators to turn in another quarter of phenomenal results,” J. Patrick Doyle, the President and Chief Executive Officer of Domino's Pizza, said in the statement on Thursday.
“The momentum behind this business continues to amaze me, proving once again that our domestic and international franchisees are second to none,” he said.