Shares of drive-thru shops operator Dutch Bros (NYSE:BROS) are simmering higher today after the coffee products provider posted better-than-anticipated third-quarter numbers and raised its top-line guidance.
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Revenue jumped 53.04% year-over-year to $198.65 million, surpassing estimates by ~$3.9 million. EPS at $0.09 too, managed to come in ahead of expectations by $0.02. The company opened 38 new shops during the quarter and is aiming to reach the 800 mark by the end of 2023.
Further, while new outlets continue to drive growth, BROS also managed to expand gross margins at company-operated stores by 60 basis points sequentially to 20%.
Buoyed by the performance of its outlets and strong pipeline, BROS has also raised its outlook. It now expects full-year 2022 revenue to be at least $725 million. Adjusted EBITDA is anticipated to be at least $90 million.
At the same time, shares of the company have tanked 36.2% year-to-date, and short interest in the stock remains high at ~20% at present.
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