The Wendy's Co (WEN  ) shares are trading lower after the company reported fourth-quarter FY23 results.

Sales growth of 0.8% year-on-year to $540.7 million, missing the analyst consensus estimate of $546.5 million.

Adjusted revenues increased 0.1% to $431.7 million. Systemwide sales in the U.S. rose 2.3%, and International increased 9.7%.

Global same-restaurant sales growth was 1.3%. U.S. company-operated restaurant margin was 13.5% versus 15.1% a year ago.

Operating income for the quarter rose 3.1% Y/Y to $86.6 million.Adjusted EBITDA increased 2.5% Y/Y to $126.6 million.

Adjusted EPS of $0.21 missed the consensus estimate of $0.23.

The company held $588.8 million in cash and equivalents as of December 31, 2023. Operating cash flow in the year totaled $345.4 million, with a free cash flow of $274.26 million.

The company repurchased 2.4 million shares for $45.7 million in the quarter. As of February 15, approximately $310.0 million remains available under the company's existing share repurchase authorization that expires in February 2027.

Dividend: The company declared its regular quarterly cash dividend to $0.25 per share, payable on March 15, 2024, to shareholders of record as of March 1, 2024.

"The team also significantly accelerated digital sales, opened nearly 250 new restaurants across the globe, and expanded U.S. Company-operated restaurant margin to pre-COVID levels despite extreme inflationary headwinds in recent years," said President and Chief Executive Officer Kirk Tanner.

Outlook: Wendy's expects FY24 adjusted EPS of $0.98-$1.02 versus the consensus of $1.11, global systemwide sales growth from 5%- 7%, and adjusted EBITDA of $535 million-$545 million.

Price Action: WEN shares are trading lower by 2.05% at $18.89 on the last check Thursday.