Dutch Bros Inc (NYSE:BROS) gained ground at Thursday’s open on third-quarter financial figures. The copmany reported Q3 sales growth of 49.8% year-on-year, to $129.80 million, beating the analyst consensus of $124.88 million.
System same shop sales grew 7.3% in the third quarter and 10.7% on a two-year basis. Company-operated shops revenues increased 62.9% Y/Y to $108.7 million.
Total costs and expenses more than tripled to $244.7 million. The gross profit increased 13.4% Y/Y to $38.7 million, with the margin contracting 960 basis points to 29.8%.
Adjusted EBITDA of $20.6 million decreased 2.6% Y/Y, with the margin shrinking 860 basis points to 15.9%. Adjusted EPS of $0.23 was recorded in the quarter.
The company held $25.8 million in cash and equivalents as of September 30. Cash provided by operating activities totaled $72.3 million for the nine months ended September 30.
Dutch Bros sees Q4 sales of $125 million - $128 million, above the consensus of $121.2 million.
The company expects Q4 adjusted EBITDA of $12.5 million - $13.5 million. The company also reiterated the long-term potential of at least 4,000 shops nationwide.
BROS shares are trading higher by $9.40, or 15.2% at $69.32 first thing Thursday.
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