Panera Bread Co (PNRA) Stock Pops on Q3 Earnings Beat

Advertisement

Panera Bread Co (NASDAQ:PNRA) saw its stock go up on Wednesday after the release of its earnings report for the third quarter of 2016.

Panera Bread Co, PNRA stock

Panera Bread Co reported earnings per share of $1.37 for the third quarter of the year. This is an 4% increase over the $1.32 that the company reported during the same time last year. It also beat out the $1.34 estimate that Wall Street was looking for.

Revenue reported by Panera Bread Co in the third quarter of 2016 was $684.2 million. PNRA reported revenue of $664.6 million in the third quarter of 2016. Analysts were expecting the company to report revenue of $680.5 million for the quarter.

PNRA also reported a net income of $31.9 million for the third quarter of 2016. This is a 1% drop from the net income of $32.3 million that it reported during the same time of last year.

For the third quarter of 2016, Panera Bread Co reported an increase in comparable net bakery-cafe sales. Company-owned comparable net bakery-cafe sales increased by 3.4% and franchise locations saw a 0.2% increase. This resulted in a combined increase of 1.7% from the third quarter of 2015.

Panera Bread Co also updated its guidance for the fourth quarter of 2016. The company is expecting comparable net bakery-cafe sales to be up between 3.5% and 4.0% during the quarter. It is also now expecting earnings per share to range from $1.96 to $2.01 during that time. Analysts are expecting earnings per share of $2.01 for the fourth quarter.

For the full year of 2016, Panera Bread Co is looking for comparable net bakery-cafe sales to increase by 4% to 5% from the year prior. It also expects earnings per share for the year to range from $6.67 to $6.72. Wall Street is looking for earnings per share of $6.68 for 2016.

PNRA stock was up 6% when the market opened on Wednesday, but is now closer to Tuesday’s closing price.

More From InvestorPlace


Article printed from InvestorPlace Media, https://investorplace.com/2016/10/panera-bread-co-pnra-stock-q3/.

©2024 InvestorPlace Media, LLC