Arcos Dorados Shares Slip 6% On Lower-than-expected Q2 Results

(RTTNews) - Shares of Arcos Dorados Holdings Inc. (ARCO), that operates as a franchisee of McDonald's restaurants, are falling more than 6% Thursday morning after reporting second-quarter results below consensus estimates.

Net income for the second quarter increased to $28.37 million or $0.13 per share from $14.48 million or $0.07 per share in the same quarter a year ago, but missed the average estimate of analysts polled by Thomson-Reuters of $0.14 per share.

Revenue for the quarter grew to $1.040 billion from $887.9 million last year. The consensus estimate was for $1.05 billion.

ARCO is at $9.94 currently. It has traded in the range of $6.64 - $11.47 in the last 1 year.