Shake Shack Inc (NYSE:SHAK) stock was up on Thursday after the release its its earnings report for the third quarter of 2016.
Shake Shack Inc reported earnings per share of 15 cents for the third quarter of 2016. This is an increase over the earnings per share of 10 cents reported during the same time last year. It also managed to come in above Wall Street’s estimate of 14 cents for the quarter.
Revenue reported by Shake Shack Inc during the third quarter of 2016 was $74.57 million. The burger company reported revenue of $53.27 million in the third quarter of 2015. Analysts were expecting the company to report revenue of $69.33 million in the third quarter of the year.
Shake Shack Inc reported net income of $6.79 million for the third quarter of 2016. This represents a roughly 9% increase over the net income of $6.19 million that the company reported during the third quarter of the year prior.
Shake Shack Inc also updated its outlook for the full year of 2016 in its most recent earnings report. The company is now expecting revenue for the year to fall between $264 million and $265 million. SHAK’s previous expectations had yearly revenue ranging from $253 million to $256 million. Wall Street is looking for revenue of $258.55 million for the year.
Shake Shack Inc also released a preliminary outlook for its 2017 year in its third quarter 2016 earnings report. The burger chain is expecting revenue for 2017 to range from $348 million and $352 million. Analysts are expecting revenue of $335.40 million from the company for 2017.
SHAK stock was up 15% as of Noon Thursday, but is down 3% year-to-date.
