Dutch Bros beats by $0.15, beats on revs; guides Q4 revs above consensus
- Reports Q3 (Sep) earnings of $0.23 per share, excluding non-recurring items, $0.15 better than the S&P Capital IQ Consensus of $0.08; revenues rose 49.8% year/year to $129.8 mln vs the $125.2 mln S&P Capital IQ Consensus.
- Company-operated shops revenues increased 62.9% to $108.7 million as compared to $66.7 million in the same period last year.
- System same shop sales grew 7.3% in the third quarter and 10.7% on a two-year basis. Company-operated same shop sales grew 4.7% in the third quarter and 10.1% on a two-year basis.
- Co issues upside guidance for Q4, sees Q4 revs of $125-128 mln vs. $121.40 mln S&P Capital IQ Consensus.
- Total system shop openings are expected to be at least 30.
- Same shop sales are estimated in the mid single-digits.
- For the year 2022, we are providing the following preliminary outlook for new shop openings: Total system shop openings are expected to be at least 112.
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