Drive Shack Gains After Q3 Earnings Beat

Drive Shack Inc DS reported third-quarter FY22 sales growth of 16.1% year-on-year to $88.67 million, beating the consensus of $87.07 million.
Revenue from golf operations rose 13.8% Y/Y, and sales of food and beverages jumped 26.2% Y/Y.
Total operating costs rose 14% Y/Y to $93.8 million.
The operating loss for the quarter was $(5.2) million versus $(5.9) million a year ago.
The company held $11.7 million in cash and equivalents as of September 30, 2022.
Adjusted EBITDA more than doubled to $7.00 million from $3.4 million last year.
Loss per share of $(0.09) beat the analyst consensus of $(0.12).
"Our sales results this quarter reflect the strong momentum we continue to see across American Golf and Puttery. Drive Shack's performance was slightly lower than last year driven mostly by weather," said Drive Shack CEO Hana Khouri.
Price Action: DS shares are trading higher by 18.57% at $0.4233 on Monday.
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