Benzinga | Aug 13, 2021 06:44AM EDT

Fiesta Restaurant Q2 Earnings Top Estimates

* Fiesta Restaurant Group Inc (NASDAQ:FRGI) reported second-quarter FY21 revenue growth of 29.2% year-on-year, to $157.5 million, beating the analyst consensus of $156.49 million.

* Comparable restaurant sales at Pollo Tropical increased 43.5%, and Taco Cabana rose 15.6% versus Q2 of 2020.

* Comparable restaurant sales for Pollo Tropical decreased 1.8%, and Taco Cabana decreased 6.7% versus Q2 of 2019.

* Operating expenses rose 24.5% Y/Y to $89.3 million.

* The operating margin was 2.08%, and operating income for the quarter was $1.9 million.

* The company held $69.6 million in cash and equivalents as of July 4, 2021.

* Adjusted EPS of $0.13 beat the analyst consensus of $0.11.

* "We were pleased with Pollo Tropical's performance in the second quarter, characterized by comparable restaurant sales improving to near 2019 levels and strong margins, despite hourly staffing challenges over the quarter," said CEO Richard Stockinger.

* On July 1, 2021, Fiesta had agreed to sell the Taco Cabana business to an affiliate of Yadav Enterprises, Inc.

* Price Action: FRGI shares closed lower by 3.01% at $13.52 on Thursday.