Last Friday the Meritage Hospitality Group Inc (OTCMKTS:MHGU) was in the news after the noted premium franchise operator in the United States announced its financial results for the third fiscal quarter as well as the nine month period, both of which ended on October 2, 2022.
Trading Data
On Friday, MHGU stock moved up 2.38% to $20.25 with more than 1.59K shares, compared to volume of 621 shares. The stock moved within a range of $19.90 – 20.25 after opening trade at $19.90.
Meritage Reports Third Quarter 2022 Results; Solid Sales and New Store Momentum
In the third quarter, the sales figure came in at $160.6 million, which worked out to a rise of as much as 8.9% from the $147.5 million that it had generated in the prior year period. On the other hand, the earnings from operations was $3 million, which reflected a year on year rise of as much as 63.2% from $1.8 million in the corresponding period in 2021.
On the other hand, the net earnings for the quarter was $1.8 million, which reflected a drop from the $2.4 million in net earnings in the prior year period. The consolidated EBITDA for Meritage Hospitality Group in the quarter actually went up by 2.9% to hit $8.8 million. In the prior year period, the EBITDA had been $8.6 million. The company noted that restaurant sales had been ‘solid’ in the third quarter. It now remains to be seen if the stock gets any action this week or not.
Technical Data
MHGU stock is trading above the 20-Day and 50-Day Moving averages of $20.13 and $20 respectively. Moreover, the stock is trading above the 200-Day moving average of $20.08.
