Shares of the fast-food restaurant chain, Shake Shack Inc. have surged by over 20 percent on Thursday morning, following the release of positive quarterly results that surpassed consensus estimates.
For the fourth quarter, the company reported a profit of $6.77 million, or $0.15 per share, exhibiting a significant improvement from last year's loss of $7.76 million or $0.20 per share, which can be largely attributed to increased sales.
When special items are excluded, earnings totalled to $1.0 million, or $0.02 per share, thereby surpassing the average estimate of analysts surveyed by Thomson-Reuters of $0.01 per share.
At the same time, the total revenue stood at $286.24 million, marking a 20.0 percent increase from the previous year, and surpassing the consensus estimate of $280.26 million.
In relation to share prices, Shake Shack shares, currently valued at $91.92, reached a new peak of $95.71 this morning.
