Portillo’s (NASDAQ:PTLO) stock isn’t doing so hot on Thursday and we’re breaking down what has investors in the fast-food chain upset.
Let’s get right into the nitty-gritty of it below!
- The fall of PTLO stock today comes alongside the release of its earnings report for the third quarter of 2021.
- It’s also worth noting that this is the company’s first earnings report since its IPO in October.
- That report starts off with diluted earnings per share of one cent.
- Unfortunately for holders of PTLO stock, that’s a wide miss compared to Wall Street’s estimate of 8 cents per share.
- It’s also a drop from the company’s diluted EPS of 5 cents from the same time last year.
- Also not helping PTLO stock today is its revenue of $138 million for Q3.
- That has it just barely coming in short of analysts’ revenue estimate of $138.05 million.
- On the bright side, the company’s revenue did increase 15.3% from $119.7 million in Q3 2020.
Michael Osanloo, president and CEO of Portillo’s, said this in the earnings report.
“As we look ahead, our successful IPO has given us the financial flexibility and improved capital structure to capitalize on the massive white space opportunity to grow Portillo’s throughout the country. Our expansion plan will utilize a two-pronged strategy by aiming to expand our presence in our core market across the Midwest as well as targeting major national markets for opportunistic growth.”
PTLO stock is down 2.3% as of Thursday morning.
Investors seeking more hot stock market news are in the right place!
We’ve got traders covered with all the latest stock market news they need for Thursday. That includes why EV stocks are falling today, what’s hampering Rivian Automotive (NASDAQ:RIVN) shares, as well as the news boosting Dicerna Pharmaceuticals (NASDAQ:DRNA) stock. You can get up to speed on all of that below!
More Stock Market News for Thursday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.