Shares of Shake Shack jumped pre-market Thursday after posting better-than-expected Q1 results Wednesday night. This morning, Longbow Research analysts upgraded the New York-based burger chain to neutral from an underperform rating. Price target information wasn’t available.
The company reported late Wednesday a Q1 net loss of $12.7 million or $1.06 loss per share, compared with the prior-year period’s net income of $1.1 million, or $0.04 per diluted share. Adjusted pro forma net income was $1.3 million or $0.04 per share, versus $0.6 million or $0.02 loss per share in the same quarter the previous year. The Capital IQ analyst estimate is for $0.03 loss per share.
Revenue was $37.8 million, up 56.3% from $24.2 million in the same quarter last year. Analysts were expecting revenue of $33.96 million. The company expects fiscal 2015 revenue of $161 million – $165 million, versus the Street view of $164.8 million. Same-Shack sales growth is expected to be in the low to mid single digits.