Dutch Bros Inc. BROS shares are trading higher after the company reported better-than-expected fourth-quarter financial results after the bell Wednesday. Here's a look at the highlights.
The Details: Dutch Bros reported quarterly earnings of 4 cents per share, which beat the analyst consensus estimate of 2 cents by 100% and was a 33.33% increase over earnings of 3 cents per share from the same period last year.
The company reported quarterly sales of $254.12 million, beating the analyst consensus estimate of $252.75 million by 0.54% and representing a 25.91% increase over sales of $201.83 million year-over-year.
“We had an exceptional 2023 and entered 2024 with great momentum. We continued to drive steady new shop growth, and Q4 marked our 10th consecutive quarter of 30+ new shop openings,” Christine Barone, CEO of Dutch Bros, stated.
“In 2023, we opened 159 shops, of which 146 were company-operated. Our system AUV reached its highest on record since the IPO, and we delivered a 2.8% increase in system same-shop sales growth. These results led to a terrific 2023 where we delivered 31% in annual revenue growth,” Barone added.
Outlook: Dutch Bros expects 2024 total shop openings in the range of 150 to 165. The company sees total revenues between $1.190 billion and $1.205 billion, and same-shop sales growth is estimated to be in the low single digits.
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BROS Price Action: According to Benzinga Pro, Dutch Bros shares are trading up 7.17% after-hours Wednesday at $28.98 at the time of publication.
Photo: Chris from Pixabay
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