Buffalo Wild Wings (NASDAQ:BWLD) stock was soaring today on a positive earnings report for the third quarter of 2017.
During the third quarter of 2017, Buffalo Wild Wings reported earnings per share of $1.36. This is a roughly 5% increase over its earnings per share of $1.29 reported in the same period of the year prior. It was also a boon to BWLD stock by coming in way above Wall Street’s earnings per share estimate of 79 cents for the quarter.
“The recent Tuesday promotion shift from traditional to boneless wings at company-owned restaurants will continue to improve cost of sales while traditional wing prices remain elevated,” Sally Smith, President and CEO of Buffalo Wild Wings , said in a statement. “Combined with our cost savings initiatives and service excellence focus, we are optimistic these actions will deliver an improving bottom line.”
The positive earnings and switch to boneless wings for its Tuesday promotion gave Buffalo Wild Wings enough confidence to raise its outlook for the full year of 2017. The restaurant chain is now expecting earnings per share for the year to range from $4.85 to $5.15. This is good news for BWLD stock as analysts are looking for earnings per share of $4.41 for the year.
Not everything in Buffalo Wild Wings’ earnings report for the third quarter of 2017 was good news. The company’s revenue was only $496.70 million. This is an increase over its revenue of $494.17 million from the third quarter of 2016. However, it wasn’t able to surpass Wall Street’s revenue estimate of $501 million. BWLD stock was still up despite this due to its strong earnings per share for the quarter.
BWLD stock was up 19% as of Thursday afternoon, but is down 21% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.