Shares of Dutch Bros. Inc. jumped nearly 7% in the extended session Wednesday after the drive-through coffee chain reported its first quarterly results as a public company, revealing sales above Wall Street expectations and the ambition to become a national brand.
said it lost $117.1 million, or 15 cents a share, in the third quarter, contrasting with earnings of $6.7 million in the year-ago quarter. Adjusted for one-time items, Dutch Bros. earned 23 cents a share, above FactSet consensus of 6 cents a share.
Revenue rose nearly 50% to $129.8 million, from $86.7 million a year ago, the company said. The analysts surveyed by FactSet expected revenue of $125 million.
Quarterly and year-to-date results “are exceeding the optimistic set of expectations we established going into 2021,” Chief Executive Joth Ricci said in a statement.
“While we are excited to have recently begun our journey as a public company, we are already focused on a clear set of growth-minded objectives that make Dutch Bros. a national brand,” Ricci said.
That includes the potential for having at least 4,000 stores nationwide in the coming years, he said.
Dutch Bros. guided for at least 30 shop openings in the fourth quarter, and total revenue between $125 million and $128 million. For 2022, it expects to open at least 112 stores. The chain currently operates more than 500 stores, mostly located in the Western U.S. The company opened its first store in Grants Pass, Ore.
The drive-through coffee chain debuted as a public company in mid September, with the stock opening more than 40% above the initial public offering price. Its IPO priced at $23 a share, well above the expected range of between $18 and $20 a share.
Dutch Bros. was backed by TSG Consumer Partners, the consumer-focused private-equity firm behind Duckhorn Portfolio Inc.
the vintner that became public in March.