Theater grosses get divided up with theaters and others. 50% is a typical guess for some movies. (The studio gets a very fat share in the first week or two, less as time goes on.) Overseas tickets are are divided up even further. So 2.5x at least would be needed to show a profit in theaters.
Also, there’s the production budget and the advertising budget. Advertising budgets are generally not known as well. For a movie like this, the advertising budget could easily be greater than than production budget.
Then, when considering a sequel, it’s not just whether the first movie made money, but what are the chances the 2nd one will make money? Cruise might demand a bigger paycheck, there’d be more pressure to increase the budget for more effects. But the sequel might make far less money. So why bother?
The movie had a good, but not great audience response. The studio might imagine doing better with a different project.
Comparison with other franchises that were broadly known to begin with won’t work here. Not that many people heard of Jack Reacher beforehand and many of those that did thought that Cruise was a poor choice.
This movie didn’t establish a franchise like the Transporter (low ad budget) or Bourne movies.
Percy Jackson wasn’t a purely US film, it killed overseas. So its domestic income was pure gravy. Films that do that well overseas are a producers dream come true. It’s hit or miss with international audiences on US films. This one had an international cast and production which helped. The studio is sweating it out on Reacher.