:max_bytes(150000):strip_icc()/GettyImages-2175593860-ad6a45dc0aee4e1d962e89e14657f6c6.jpg "Dutch Bros Stock Jumps 35% After Coffee Chain Ups Forecast")
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Key Takeaways
- Dutch Bros shares popped after the company posted earnings results that beat expectations.
- The coffee chain also raised its full-year revenue guidance, now even further above Wall Street’s consensus expectation.
- Shares of Dutch Bros have gained nearly 50% in 2024.
Dutch Bros (BROS) shares skyrocketed after the company’s third-quarter results beat expectations and featured an upwardly revised forecast.
The coffee chain said it now expects 2024 revenue between $1.255 billion and $1.26 billion, up from its previous range of $1.215 billion to $1.23 billion. Wall Street is looking for about $1.14 billion, according to Visible Alpha’s consensus estimate.
Thursday’s share price surge, of more than 35%, represents a big swing from a quarter earlier, when the stock lost more than a fifth of its value despite beating expectations. Overall, shares are up nearly 50% in 2024.
For the quarter, revenue jumped 28% year-over-year to $338 million and net income rose to $21.7 million or 11 cents per share from $4.21 million or 7 cents per share a year earlier. Both figures beat the analyst consensus from Visible Alpha.
Same-store sales rose 2.7% year-over-year and transactions increased 0.8%.
The company said it opened 38 new stores, most of them company-owned, in the past quarter, bringing its count to 950.