Market Insider

Qdoba-owner shares drop after earnings miss

People pass in front of a Jack in the Box restaurant in Laguna Beach, California.
Scott Mlyn | CNBC

Shares of Qdoba-owner Jack in the Box shed more than 6 percent Thursday after the fast food company reported disappointing quarterly earnings and guidance.

The quick-service restaurant chain reported earnings seven cents below estimates at $1.18 per share. The company attributed the miss to lower-than-expected sales at its Qdoba Mexican Grill subsidiary.

Jack in the Box's full-year earnings forecast was well below consensus with an earnings per share range of $4.25 to $4.45 a share versus FactSet estimates of $4.71 a share.

The company signaled its intention to sell about 75 of its franchised restaurants in different markets as the firm has been trying to move towards a higher-margin franchise system. Jack in the Box also announced a quarterly cash dividend of 40 cents per share on common stock, payable on March 20, 2017.

With Thursday's decline, shares are down 13 percent for the year so far.

Jack in the Box shares two-day performance