Wingstop Stock Jumps 18% On Q3 Results, Updated FY Outlook

Shares of Wingstop Inc. (WING) are gaining over 18% on Wednesday morning after the restaurant operator’s third-quarter profit and revenues trumped Wall Street view. The company also lifted its outlook for the full year 2022.

WING is currently trading at $160.15, up $25.30 or 18.76%, on the NASDAQ. The stock opened its trading at $155.00 after closing Tuesday’s trading at $134.85. The stock has traded between $67.67 and $178.68 in the past 52-week period.

Third-quarter profit rose to $13.4 million or $0.45 per share from $11.3 million or $0.38 per share. Adjusted earnings rose to $13.6 million or $0.45 per share from $8.6 million or $0.29 per share last year.

Revenues for the third quarter increased to $92.7 million from $65.8 million last year.

Analysts polled Thomson Reuters expected earnings of $0.36 per share and revenues of $89.67 million for the quarter.

“The third quarter results underscore the strength of our long-term growth strategies and the growth levers we have to pull as a brand. We delivered 6.9% domestic same store sales growth, with the majority of this growth driven by an increase in transactions, a demonstration of the momentum and underlying health of our business. This translates to 36.2% domestic same store sales growth on a three-year basis,” commented Michael Skipworth, President & Chief Executive Officer.

Moving ahead, the company lifted full year guidance for earnings per share to between $1.61 and $1.63, from previously between $1.55 to $1.57. Analysts currently estimate earnings of $1.58 per share.

Source: Read Full Article